The AA confirms takeover talks as the coronavirus pandemic takes its toll on finances
AA, the motoring group which was founded in 1905 and provides insurance and driving lessons as well as operating 2,700 roadside assistance vehicles, has confirmed it is in talks over a possible takeover.
It added that there was no certainty that the talks would result in offers, and that they are still considering staying with its current ownership and raising money itself.
AA chairman John Leach said: "The AA is a high quality and robust business, with an iconic brand, a resilient business model and a highly committed and loyal workforce.
"However, in order for us to be able to achieve our full potential, the board believes that it must now prioritise reducing the group's indebtedness."
A spokesperson for AA, said: "The Company confirms that it is currently in discussions with a number of parties in relation to a wide range of potential refinancing options.
"As part of these discussions and the potential refinancing solutions, three parties, being (i) Centerbridge Partners Europe, LLP and TowerBrook Capital Partners (U.K.) LLP (acting jointly), (ii) Platinum Equity Advisors LLC and (iii) Warburg Pincus International LLC (each a "Potential Offeror"), have approached the Company regarding possible cash offers for the entire issued and to be issued ordinary share capital of AA."
