SUITOR DROPS OUT OF RACE TO BUY AA
ONE of the suitors that was hoping to take over breakdown business AA has withdrawn from the race three weeks after a deadline for bids was extended.
Platinum Equity said that it had walked away from discussions with AA’s board “by mutual agreement”.
It follows months of speculation over the future of the business after it
announced talks with three potential bidders in early August.
However, finding a buyer from the three proved harder than first hoped, and earlier this month a deadline set by the UK’s Takeover Panel passed without any bids arriving. It forced AA to ask for an extension, with the new deadline set for next Tuesday.