AA - and now there are one!
All,
Now there are only one. The AA confirmed this morning that TowerBrook and TowerBrook and Warburg Pincus are now working as a consortium. We remain positive on the name and continue to hold our position in the B2s. Note in the absence of any offer, the Board continue in discussions with various parties in relation to refinancing options including the possibility of equity raise.
Couple of points to note from the statement:
“The Consortium confirmed its strong interest in pursuing a possible all-cash offer for the Company, including an intention to de-lever the AA’s capital structure significantly, consistent with the Company’s objectives”
A further extension beyond COB 29th September is likely to be required in the Board’s opinion
The board fully intend to release H1 numbers on the 29th September (if an extension is required and approved by the Takeover Panel, Sarria expect there will be no Q&A following the release of the numbers.
“Notwithstanding any possible offer for the Company, the Board continue to engage with a number of other parties……financing options, including the possibility of raising new equity”
A dedicated section of the website is now created under the headline “Potential Offers for AA Plc”
Happy to discuss further.
Tomás