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Avolon mulls rival takeover bids
31 Jul 2015 15:03
Two separate companies have made offers to acquire Avolon with one valuing the aircraft leasing company at $2.56bn.
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Earlier this month the Dublin headquartered firm announced that China’s Bohai Leasing was to buy a 20% stake at a price of $26 per share, worth a total $429m.
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However today the company announced that it subsequently received a bid from an independent third party to acquire the entire company for $30 per share.
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It was obliged to notify Bohai Leasing of this offer as part of its initial sale agreement, with the Chinese company responding with an offer of $31 per share for 100% of the firm.
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If the $31 per share deal was accepted it would value Avolon at around $2.56 billion – compared to a valuation of $1.6 billion at the time of its stock market debut just seven months ago.
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Avolon’s board said it had not accepted or rejected either offer but was carefully evaluating both of them.
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The firm, which was established in 2010, leases aircraft to airline and freight companies including Ryanair, Air France, DHL and US Airways.
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