World News – UK – AA bidders set up ex-Centrica chairmen to lead breakdown team


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Rick Haythornthwaite has been approached by a private equity consortium as chairman of the AA, Sky News learns.

A former Centrica chairman will be placed at the helm of AA by the consortium, which hopes to take over the UK’s largest roadside ambulance this week for $ 3 billion. GBP to be agreed.

Sky News has learned that Towerbrook Capital Partners and Warburg Pincus have reached out to Rick Haythornthwaite to chair the AA if their joint offer is successful.

Town sources said this weekend that the consortium was hoping to close a deal with the AA board before a Tuesday deadline set by the UK takeover guard.

Mr. Haythornthwaite would be a credible choice to chair the AA, which has about 3. 2 million motorists as members and used to describe themselves as « Britain’s fourth ambulance service ». .

The former Centrica chair also chairs Mastercard International and Network Rail and currently has a portfolio of other boardroom functions.

The AA, founded in 1905, was charged with their £ 2. 65 billion. Mountain of debt since returning to the stock market in 2014.

Almost 1 billion. GBP of AA’s debt is due to be repaid over the next two years.

In a statement made at the time the interest in the bid was created, AA said, « AA’s board of directors believes that the company must have greater financial flexibility to make longer-term investment decisions in order to be able to do so can achieve its full potential in the best interests of the Group’s shareholders and its broader stakeholders.

A formal bid will likely be made at a relatively modest premium at the closing price of 33 on Friday. 55p according to analysts.

The consortium’s offer was hampered by measures by the American hedge fund Davidson Kempner Capital Management to take on a role in the prospective takeover.

Davidson Kempner, who holds a stake of around 15% in AA, has endeavored to merge with Towerbrook and Warburg Pincus.

Instead, it could move its stake to a privately controlled AA that also has a large insurance line of business.

Warburg Pincus and the AA declined to comment on Sunday while Towerbrook could not be reached for comment.

© 2020 Sky UK

AA plc, Investor, LON: AA, Finance, Stock

World News – UK – AA bidders set up Ex-Centrica chairman to head breakdown group
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AA in talks with private equity groups Equity groups When the closing time is up
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Rick Haythornthwaite has been approached by a private equity consortium as chairman of the AA, according to Sky News.
AA confirms potential offer from New York hedge funds
AA says received business proposal from Towerbrook, Warburg Pincus


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