EquiLend Borrow Quantity in Pinewood Technologies (PINE LN) climbed from 3.4 million shares in mid-February to a peak of more than 12.1 million by late July, a 260% increase as borrow demand accumulated with EquiLend Cost to Borrow rising in tandem, from around 80 bps to more than 375 bps. However, as the takeover bid landed on July 25th, the share price jumped 38% in two days and sent shorts scrambling; borrow quantity fell 52% from its July 28th peak, driving EquiLend Squeeze Score to 63, suggesting short exits may have helped fuel the price rise.

After a previous takeover bid in January from Apax Partners sent Pinewood’s stock falling from around £4.50 to below £2.20, Ridgeview Partners stepped in with a fresh offer on July 25th worth £545 million. With the board signalling its support for the deal, shares surged 33% on the day and are now trading near the offer price. Now, with Ridgeview’s takeover deadline falling on August 21st, EquiLend data is reflecting that uncertainty, with elevated EquiLend Squeeze Score and Cost to Borrow suggesting investors are still positioning on both sides.

With the deadline three days away, subscribe to EquiLend’s real-time data to track every shift in short interest and see how the market is positioning into the final hours.