- Roadside assistance company AA said it had received a possible takeover of 35 pence a share from a consortium of investors including TowerBrook Capital Partners and Warburg Pincus International.

The proposal represented a premium of approximately 40% to AA's closing share price on 3 August 2020 of 25 pence - the business day prior to the commencement of the offer period, the company said.

AA said talks were at an advanced stage and that it had indicated to the consortium that it would be willing to recommend a cash offer on the terms of the proposal.

The proposal also included the option for eligible AA shareholders to elect to receive unlisted securities in lieu of a cash payment.

The offer included an intention from the consortium to invest approximately £380 million into the company to fund debt payment, supporting the refinancing of £541 million of the existing class B2 secured notes maturing in July 2022 and £372 million class A5 notes maturing in January 2022, the company said.

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