(Alliance News) - Signature Aviation PLC on Monday said NNS UK Investment Sarl-SPF has entered into an irrevocable undertaking to vote in favour of the recommended takeover offer by newly formed acquisition vehicle Brown Bidco Ltd.
The takeover vehicle consists of US-based private equity firm Blackstone and former suitor Global Infrastructure Partners, as well as Cascade Investment LLC, a fund that manages Bill Gates's investments. The offer values Signature at USD4.73 billion, about GBP3.46 billion.
Signature, an aviation services company headquartered in London, said NNS has agreed to vote in favour of Brown Bidco's offer in respected of its 61.5 million shares - an approximately 7.4% stake in Signature's share capital and 9.2% of shares eligible to vote on the scheme at the upcoming March 18 court meeting.
This brings total irrevocable commitments to vote in favour of the scheme at the court meeting and in favour of resolutions to be proposed at the general meeting - also March 18 - to 62.2 million shares, or approximately 7.5% of share capital and 9.3% of eligible shares.
NNS's obligation to vote in favour lapses if the scheme does not become effective, is withdrawn, or a higher competing unconditional offer is made.
Shares in Signature were down 0.2% at 397.80 pence in London on Monday morning.
By Anna Farley; annafarley@alliancenews.com
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