(Alliance News) - Global Infrastructure Partners on Tuesday confirmed that it has made an approach to acquire Signature Aviation PLC, but added that there is no guarantee that it will make a firm offer for the aviation services firm.
Last Thursday, FTSE 250-listed Signature Aviation said it received an indicative proposal from Global Infrastructure but rejected this as it was lower than a GBP3.17 billion tilt tabled by Blackstone Infrastructure Advisors LLC and Blackstone Core Equity Management Associates LLC.
GIP is an infrastructure fund manager which manages about USD70 billion in assets.
Global Infrastructure on Tuesday explained it is "continuing to explore all of its options" but "there can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made".
On Monday, Signature Aviation said it has told Blackstone it "would currently be minded to recommend" a firm takeover offer at the price proposed by the US private equity firm. The GBP3.17 billion proposal valued Signature Aviation shares at USD5.17 each, about GBP3.87.
Shares in the company were 4.7% higher at 390.70 pence each in London on Tuesday afternoon. Signature's market value currently sits at around USD3.28 billion.
By Eric Cunha; ericcunha@alliancenews.com
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