(Sharecast News) - Avation announced on Monday that it is undertaking a "comprehensive review" of its strategic options, in a bid to maximise value for shareholders.
The London-listed commercial aircraft lessor said its options included merger and acquisition activity, an aircraft portfolio sale or review, as well as a potential sale of the company through a formal sale process.
It said it had appointed Wells Fargo Securities as its financial adviser, to assist it with its review.
The board explained that the Takeover Panel had agreed that any discussions with third parties could be conducted within the context of a formal sale process.
As a result, the panel had granted a dispensation from the requirements of certain rules of the code, so that any interested party participating in the formal sale process would not be required to be publicly identified, and any interested party participating in the formal sale process would not be subject to the 28-day deadline.
"Following this announcement, the company is now considered to be in an 'offer period' as defined in the code, and the dealing disclosure requirements ... will apply," the board said in its statement.
"The company confirms that, at the time of this announcement, it is in preliminary discussions with one interested party about a potential sale of the company."
At 0948 GMT, shares in Avation were up 8.06% at 291.22p.
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