AA PLC - Basingstoke, England-based roadside assistance firm - Says its acquisition by Basing Bidco Ltd has become effective as of Tuesday and its shares on the London Stock Exchange will cease trading on Wednesday. Notes the GBP219 million takeover by a consortium comprising funds advised by TowerBrook Capital Partners UK LLP and funds managed by Warburg Pincus LLC was first agreed in November 2020. Says the acquisition is by way of a scheme of arrangement, where under the terms of the scheme, AA shareholders will receive 35 pence for each AA share held.
Adds it has appointed Rick Haythornthwaite as non-executive chair effective immediately. Haythornthwaite is currently Chair-Elect of Ocado PLC, a role he will assume after the company's annual general meeting in May.
Current stock price: 34.95p
Year-to-date change: up 3.7%
By Zoe Wickens; zoewickens@alliancenews.com
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