Pinewood Studios Accepts £323m Takeover Offer By Aermont Capital

The Pinewood film studio - home to the James Bond's movie franchise - has accepted a £323m takeover offer.

The famous Buckinghamshire complex - where parts of the Harry Potter series and the most recent Star Wars were also filmed - said it needed to fund ambitious expansion plans.

In a statement, Pinewood said it was recommending a cash offer by Aermont Capital, an investment adviser to real estate funds established by Perella Weinberg, a New York-based merchant bank.

Under the deal, shareholders will receive 560p in cash per share, as well as a 3.2p dividend.

The value is a 31% premium on Pinewood's closing price of 430p on 9 February, before it hired investment bank Rothschild to begin a strategic review.

"The board believes [the deal] can provide Pinewood with the platform required for future growth," said Pinewood chairman Lord Grade of Yarmouth.

The former boss of the BBC, ITV (LSE: ITV.L - news) and of grocery delivery firm Ocado added: "The Pinewood Group has been transformed in recent years but has been somewhat constrained in realising its ambitions due to the lack of share liquidity.

"As a result of the strategic review instigated by the board, Pinewood now has the prospect of a funding structure for the future.

"The board is encouraged by the commitment [the bidders] have already shown to management, to Pinewood's strategy for growth, and to the future of the iconic Pinewood Studios."

Pinewood, which opened in the 1930s and went on to shoot the Carry On films, has been trying to engineer a move from the AIM to London's main stock market.

Earlier this year, the Pinewood group (LSE: PWS.L - news) reported profits of £13.6m, up from £5.8m last year.

It has expanded internationally in recent years, launching studio operations in Canada, the US, Dominican Republic and Malaysia, some of which are joint ventures.

Little is known about Aermont outside the property industry, although its website - which consists of a single page - lists three office addresses in London, Luxembourg and Madrid.

Much of its investors' money is understood to come from North America, Asia and Europe.

It has €4bn in capital and its funds are denominated in Euros, according to a source close to Aermont.