Business
Statement regarding Pinewood Technologies Group
Apax Partners LLP has announced that it does not intend to make an offer for Pinewood Technologies Group PLC due to prevailing challenging market conditions, thereby being bound by Rule 2.8 of the Takeover Code. This decision follows a possible cash offer previously announced on January 29, 2026. Apax reserves the right to make or participate in an offer within six months under specific circumstances, including agreement with Pinewood.AI's board, a third-party offer announcement, or a material change in circumstances as determined by the Takeover Panel. Disclaimer*
About this update from Pinewood Technologies Group Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.\n \nTHIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CODE.\n \nFOR IMMEDIATE RELEASE\n \n13 February 2026\n \nStatement regarding Pinewood Technologies Group PLC (\"Pinewood.AI\" or the \"Company\")\n \nOn 29 January 2026, Pinewood.AI announced a possible cash offer for Pinewood.AI by Apax Partners LLP (\"Apax\").\n \nIn light of the prevailing challenging market conditions, Apax confirms that it does not intend to make an offer for the Company. Accordingly, Apax and any person acting in concert with it, except with the consent of the Panel on Takeovers and Mergers (the \"Panel\"), is bound by the restrictions under Rule 2.8 of the Code.\n \nApax, and any person acting in concert with Apax, reserves the right to announce an offer or possible offer for the Company or make or participate in an offer or possible offer for the Company and/or take any other action otherwise precluded under Rule 2.8 of the Code within six months of the date of this announcement in the following circumstances:\n(i) with the agreement of the Board of Pinewood.AI;\n(ii) if a third party announces a firm intention to make an offer for Pinewood.AI;\n(iii) if Pinewood.AI announces a Rule 9 waiver proposal (see Note 1 of the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); and/or\n(iv) if there has been a material change of circumstances (as determined by the Takeover Panel).\n \nEnquiries:\n \n\n\n\n\nApax Partners LLP \n\n\n\n\n\n\n\nKatarina Sallerfors\n\n\n+44 20 7872 6300\n\n\n\n\n \nRule 26.1 Disclosure\n \nIn accordance with Rule 26.1 of the Code, a copy of this announcement will be available at www.apax.com, by no later than 12 noon (London time) on the business day following this announcement. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.\n \nFurther Info...