UK roadside recovery group AA said today it had received a proposal from Towerbrook Capital Partners and Warburg Pincus International regarding a possible cash offer of 35 pence a share.
AA said the deal, which it had told the suitors it would be willing to recommend to shareholders, would equate to a 40% premium to its closing share price on August 3.
The proposal also includes an intention to invest around €380m to help pay down the company's debt pile, it said in a statement, in response to recent media reports.
