11th Jan 2021 10:10
(Alliance News) - The private equity consortium bidding for AA PLC now has the support of just over 30% of the roadside assistant firm's shareholders, suitor Basing BidCo said on Monday.
Basing - owned by TowerBrook Funds and the Warburg Pincus Funds - said it has received irrevocable undertakings of roughly 30.1% of AA shareholders as of January 8.
AA back in November agreed to takeover offer which values the company at GBP219 million.
When the consortium updated the market at the start of December, the offer had the support of just shy of 16% of AA shareholders.
AA shares were 0.6% lower at 34.15 pence each in London on Monday morning.
By Eric Cunha; [email protected]
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