27th Oct 2020 10:21
(Alliance News) - AA PLC on Tuesday said its request for a deadline extension has been granted by the Takeover Panel in relation to a firm takeover offer from TowerBrook Capital Partners UK LLP and Warburg Pincus International LLC
In August, the roadside assistance firm confirmed that three parties had made takeover proposals. The parties comprised Centerbridge Partners Europe LLP and TowerBrook Capital Partners acting jointly as well as Platinum Equity Advisors LLC and Warburg Pincus, acting individually.
However, in September, Platinum Equity Advisors and Centerbridge Partners said they did not intend to make a takeover offer for AA.
Following that, AA stated it agreed to a request from TowerBrook and Warburg Pincus to make a joint all-cash takeover offer, acting as a consortium. It added that the pair also intended to significantly pay down AA's hefty debt pile. At the time, AA said the consortium had until the close of play on October 27 to make a firm offer.
However, on Tuesday, the roadside rescue and car insurance provider said an extension has been granted by the Takeover Panel, leaving the consortium until no later than November 24 to either announce a firm intention to make an offer or say it does not intend to make an offer
Shares in AA were trading 3.1% lower at 23.07 pence each on Tuesday morning in London.
By Ife Taiwo; [email protected]
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