Pinewood recommends improved offer

Pinewood Shepperton, the film studio used for the James Bond and Harry Potter films, has recommended an improved offer from its largest shareholder, Peel Group, valuing the firm at £96.1m.Peel, which owns just under 30% of the film company, has upped its offer from 190p to 200p cash per Pinewood share plus the entitlement to a 2.5p per share final dividend.This valuation represents a 22.1% premium to the closing price on 7 April, the last business day before the offer period."The Pinewood Independent Directors have recommended this offer to shareholders as it delivers certainty at an attractive premium. In the context of increasing illiquidity in the trading of Pinewood Shares, the Pinewood Independent Directors believe that this stable time in a volatile industry offers shareholders an opportune moment to realise value," said Pinewood chairman Lord Grade of Yarmouth.Last week, the studio was allegedly approached by Egyptian tycoon Mohammed Al Fayed concerning a takeover.In a separate note, the group announced that film and television revenues for the year-to-date are ahead of the same period last year. However, "Film stage revenues for the remainder of 2011 are now largely contracted, with some visibility extending into early 2012," the group said.Full year revenues are expected to be 'in line'.---bc