RNS Extension of Deadline27 Oct 2020 07:09
27 October 2020
AA plc ("AA" or the "Company")
Extension of deadline under Rule 2.6(c) of the Code
On 24 September 2020, AA announced that it had consented to a request from TowerBrook Capital Partners (U.K.) LLP and Warburg Pincus International LLC (together the "Consortium") to explore the possibility of a consortium offer for the entire issued and to be issued share capital of the Company.
In accordance with Rule 2.6(a) of the Code, the Consortium must, by no later than 5.00 p.m. (London time) on 27 October 2020, either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
Commercial discussions and due diligence are progressing with the Consortium. As a consequence, and in accordance with Rule 2.6(c) of the Code, the Board of AA has requested that the Panel extend the deadline referred to above. Accordingly, an extension has been granted by the Panel and the Consortium must, by no later than 5.00 p.m. (London time) on 24 November 2020, either announce a firm intention to make an offer in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended further with the consent of the Panel, in accordance with Rule 2.6(c) of the Code.
There can be no certainty that any offer will be made for the Company, nor as to the terms on which any offer might be made. A further announcement will be made as appropriate.
The person responsible for arranging the release of this announcement on behalf of AA is Nadia Hoosen, Chief Legal Officer and Company Secretary.
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