(Sharecast News) - Signature Aviation said on Monday that talks with private equity group Blackstone were ongoing and its board was minded to recommend a firm $5.17 (£3.86) a share takeover offer.
The company announced late last week that it was in talks with Blackstone over a possible offer that would value it at around £3.1bn. It said on Monday that this was Blackstone's sixth proposal, with the first having been made in February.
"Having considered the terms of the Blackstone proposal, the board of Signature has indicated to Blackstone that it would currently be minded to recommend a firm offer for Signature at the price set out in the Blackstone proposal," it said.
The price represents a premium of around 44% to Signature's closing share price on 16 December.
Signature said talks between the parties remain ongoing and a further announcement will be made as and when appropriate. It also said there can be no certainty that any offer will be made nor as to the terms of any offer, and advised shareholders to take no action.
1 Jun 2021 21:17
IN BRIEF: Signature Aviation takeover completes, shares to be delisted
IN BRIEF: Signature Aviation takeover completes, shares to be delisted
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