Motoring group approached by TowerBrook Capital Partners and Warburg Pincus
The AA could be taken back into private equity ownership, as the debt-laden motoring group said it was willing to recommend a £218m takeover proposal from TowerBrook Capital Partners and Warburg Pincus.
The AA said the two private equity groups had proposed to pay 35p a share and would also invest £380m to help reduce its debt pile of £2.6bn. A firm offer must be made by 5pm on Tuesday under UK takeover rules.