Media News: Further bidder approaches Pinewood

There has been a further takeover bid for Pinewood Shepperton, the film studio has announced.

Earlier this month, Peel Holdings launched a takeover proposal worth around £88 million for the owner of the studios responsible for the Harry Potter and James Bond films.

But Pinewood has now announced that a second bidder has entered the fray.

The studio said: "Since that date the board of Pinewood has received a further approach from an unconnected third party which also may or may or not lead to an offer being made for the company."

Although the firm declined to reveal the identity of the new interest, the studio's shares still rose another 4% to 198.5p. That is well above Peel's planned offer price of 190p a share amid hopes of a bid battle.

Peel already has 30% of the firm, while investment fund Crystal Amber has a 28% stake in Pinewood despite its recent calls for new leadership at the business, which has former ITV chairman Michael Grade at the helm.

Peel invests in infrastructure, transport and real estate in the UK and has nearly £6 billion of assets. It recently sold the Trafford Centre to Capital Shopping Centres for £1.6 billion and is chaired by billionaire investor John Whittaker.