AA shareholders approve £218m takeover by private equity firms
Shareholders in roadside rescue firm the AA have signed off on a £218m takeover deal from private equity firms Towerbrook Capital and Warburgh Pincus.
Close to 88 per cent of AA shareholders voted in favour of the deal this afternoon.
The private equity companies had offered shareholders 35p per share.
The two private equity firms would also invest £380m to help reduce the AA’s debt pile of £2.6bn as part of the deal.
Earlier reports suggested one of the AA’s biggest single shareholders, Albert Bridge Capital, could vote against the deal, citing the 35p per share offer as “derisory”.
Today, only around 11 per cent of shareholders seemed to agree.
The firm, which was founded in 1905 as the Automobile Association, has 3,000 patrol vehicles and provides roadside assistance to 12m members.