24th Nov 2020 12:17
(Alliance News) -Â AA PLC has been granted a day extension to secure a firm intention to make takeover offer from TowerBrook Capital Partners UK LLP and Warburg Pincus International LLC.
On Monday, AA had confirmed it received a non-binding takeover offer from TowerBrook Capital Partners and Warburg Pincus International. The consortium made a 35 pence cash offer for AA's entire issued share capital.
Shares in the roadside rescue firm were down 2.5% at 31.15 pence in London on Tuesday.
The consortium had until 1700 GMT on Tuesday to either announce a firm intention to make an offer, or walk away.
AA said it remains in "advanced discussions" over the possible offer, and as such requested the takeover panel extend the offer deadline. An extension has been granted, giving the consortium until 1700 GMT on Wednesday to either set out a firm offer or say it does not intend to make one.
By Lucy Heming;Â [email protected]
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