1st Sep 2020 11:46
(Alliance News) - AA PLC said Tuesday the deadline for its takeover from Centerbridge Partners Europe LLP and TowerBrook Capital Partners LLP; Platinum Equity Advisors LLC; and Warburg Pincus International LLC has been extended.
Shares in the motoring association was down 11% in London on Tuesday at 30.75 pence each.
In early August, AA confirmed that several parties have made takeover offers. The three parties had until September 1 to make a firm intention to buy AA or make it known it was no longer interested in pursing a deal.
The three parties are Centerbridge Partners Europe LLP and TowerBrook Capital Partners UK LLP, acting jointly, plus Platinum Equity Advisors LLC and Warburg Pincus International LLC individually.
The new extended date is now September 29.
AA noted discussions with each of the potential offerors have continued to progress and their due diligence is on-going.
"There can be no certainty that any offer will be made for the company, nor as to the terms on which any offer might be made. A further announcement will be made as appropriate," AA added.
AA, which also provides motor insurance and driving lessons, has also previously said it is in talks with several parties in relation to a wide range of potential refinancing options.
By Paul McGowan; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
AA..L