Peel makes offer for Pinewood studios

John Whittaker's Peel Group could relocate Pinewood Shepperton film studios to Media City UK in Salford and Trafford if its takeover offer is successful.

Pinewood Shepperton said on Friday is received an £87.8m takeover bid from Peel, which already owns 29.78% of shares in the studios where Harry Potter and James Bond films were made.

Shares in Pinewood rose in price on Friday and continued upwards on Monday morning, from 185.5p at close on Friday to 195p at 10am on Monday. Peel's offer is at 190p a share.

Pinewood contains 34 stages, where Dragons' Den, My Family, Piers Morgan's Life Stories and entertainment show Ant & Dec's Push The Button were also made.

In March, Pinewood reported pre-tax profits to £5.8m in the year to 31 December and revenues of £43.4m.

Peel assets are valued at in excess of £6bn. The group recently sold the Trafford Centre to Capital Shopping Centres for a cash, shares and debt deal worth £1.6bn.

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