Home / Business and Economy / Apax Ditches Pinewood Deal Amid Market Woes
Apax Ditches Pinewood Deal Amid Market Woes
14 Feb
Summary
- Apax Partners withdrew its $792 million offer for Pinewood Technologies.
- Challenging market conditions were cited as the reason for withdrawal.
- Pinewood shares had previously surged nearly 30% on the initial offer.
Apax Partners announced on Friday, February 13, that it has withdrawn its $792 million offer to purchase Pinewood Technologies. The private equity firm cited prevailing challenging market conditions as the reason for its withdrawal, though specific details were not provided.
In late January, Apax Partners had proposed to acquire the London-listed automotive service provider for 500 pence per share. This initial offer led to a significant increase in Pinewood's stock value, with shares jumping nearly 30%. Pinewood Technologies, known for its cloud-based platform serving car dealerships and manufacturers, had engaged in discussions following multiple prior bids from Apax Partners.
The withdrawal signifies a shift in Apax Partners' acquisition strategy, influenced by the current economic climate. Pinewood Technologies has not yet issued a public comment regarding Apax's decision.
