High street jeweller says share increase is part of long-term plan.
Discount jewellery chain Warren James has denied that it is trying to stand in the way of a takeover bid of the movie studio responsible for the Harry Potter and James Bond films.
A statement from Warren James said that the retailer has been a shareholder in studio Pinewood Shepperton since 2007 and the recent increase in its stake from 4% to 19% is part of a long-term strategy to build up a minority holding in Pinewood.
Pinewood is currently in the middle of a deal with property group Peel Holdings which has made a £96 million cash bid to take over the movie company. Warren James’ increase of its stake in the business means it now owns enough shares to stand in the way of the bid.
To complete the buy-out Peel will need acceptance of 90% of remaining shareholders.
The share price in Pinewood rose to 212p on news of Warren James’ investment and has since risen again to 217p.