AA goes against vaccine sceptics, slashing sick pay for unvaccinated staff AA vs unvaccinated The AA is slashing extra sick pay for unvaccinated staff that needs to self-isolate following a Covid contact. In an email sent to its 7,000 workers, the AA said that unvaccinated workers who don’t have a medical exemption, will not get sick pay if they have to quarantine, the Telegraph first reported. “All staff who [...]
Lloyd’s of London weighs up leaving iconic headquarters Headquarters Lloyd’s of London is considering leaving its iconic headquarters as it seeks out ways to adapt to shifts in working habits brought about by digitalisation of its business and Covid-19. In an email to City AM, a Lloyd’s of London spokesperson said: “As we adapt to new structures and flexible ways of working, we are [...]
CEOs plot acquisition spree as UK recaptures global attention With AA motoring group, Asda, Morrisons and Stock Spirits taken over by private equity firms such as CVC, the UK market has recaptured the globe’s attention, having seen an unprecedented wave of deals. Stemming from initial undervaluations due to Covid-19 and Brexit, on average, UK companies were being undervalued by around 30 per cent, according to recent data from Schroders. [...]
Domestic M&A retreats in first quarter after dealmaking wave at the end of 2020 June 8, 2021 Domestic UK M&A fell in the first quarter of 2021 after a flurry of dealmaking towards the end of 2020. During the first quarter, domestic M&A – where UK companies acquire other UK companies – was worth £3.8bn, a decrease of £5.3bn from the previous quarter last year, according to figures published by the Office [...]
AA shareholders approve £218m takeover by private equity firms January 14, 2021 The AA shareholders today approved the takeover deal
Road to recovery: AA accepts £219m private equity bid November 25, 2020 The AA has accepted a £219m cash takeover offer from private equity groups Towerbrook Capital and Warburg Pincus. Shareholders in the roadside recovery business will receive 35p per share as a result of the takeover. The private equity firms plan to inject £380m into the business to help reduce its debt pile of £2.6bn as [...]
AA poised to accept £218m private equity takeover offer November 23, 2020 The AA has told two private equity groups it would be willing to accept a proposed 35p-a-share offer for the struggling motor group, the company said in a statement. The two private equity firms would also invest £380m to help reduce its debt pile of £2.6bn as part of the deal. Shares fell almost three [...]
AA extends takeover offer deadline as interim profits slip September 29, 2020 AA has extended the deadline for private equity suitors to make a takeover offer for the company, as the roadside assistance group reported a drop in profit as the pandemic hit its operations. The company confirmed last week that it was in talks about a possible all-cash offer from a consortium made up of private [...]
AA mulls all-cash offer from former rivals Towerbrook and Warburg Pincus September 24, 2020 The AA is today in talks about a possible all-cash offer from a consortium made up of private equity firms Towerbrook Capital Partners and Warburg Pincus. Shares are up three per cent on the news. The roadside recovery service also confirmed talks with Centerbridge Partners Europe and Platinum Equity Advisors had broken down, as was mooted [...]
AA given takeover talks extension as rivals mull joint bid September 1, 2020 Motoring association the AA has been given an extra four weeks to continue negotiations with potential buyers, it was announced today. The new deadline for its suitors to make an offer for the firm is now 29 September, but there are growing fears that a hotly anticipated bidding war for the company’s stock may be [...]