IN BRIEF: Pinewood takeover support slips as Feoh sells more shares

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Pinewood Technologies Group PLC - Birmingham, England-based software provider for automotive sellers - Ridgeview Partners LLC says Feoh Investments UK LLP has sold a further 4,020 Pinewood shares, reducing the number covered by its letter of intent supporting Ridgeview's takeover offer to 1.57 million shares, or around 1.36% of Pinewood's issued share capital. Feoh initially backed the offer with 4.01 million shares, or around 3.49%, but had sold 2.44 million shares as of Tuesday. Letters of intent and irrevocable undertakings now cover 53.58 million shares, representing around 46.55% of Pinewood. Last month, Pinewood agreed to a 448 pence-per-share cash offer from UK Piston Bidco Ltd, a vehicle indirectly owned by entities administered by Ridgeview, valuing Pinewood at around £545 million.

Current share price: 449.50 pence

12-month change: down 12%

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