Pinewood plunges after Apax walks away

Core Viewpoint - Shares in Pinewood Technologies (Pinewood.AI) dropped over 29% to 308.06p following Apax Partners' announcement to withdraw from acquisition talks due to challenging market conditions [1]. Group 1: Acquisition Talks - Initial discussions between Pinewood and Apax Partners were reported at the end of January, with a potential cash offer of 500p per share being considered [2]. - Apax Partners confirmed it does not intend to make an offer, but reserved the right to return within six months if circumstances change [4]. Group 2: Company Position and Outlook - Pinewood's board expressed confidence in the company's long-term prospects, highlighting its leading position as a full-service technology provider to automotive retailers and OEMs, with high recurring revenues and established partnerships [3]. - The company aims to achieve a medium-term FY28 guidance of underlying EBITDA between £58 million and £62 million [4]. Group 3: Share Price History - Pinewood shares reached a two-year high above 550p in September following a North American deal, but fell to around 350p at the beginning of the year [5].