Private equity swoop for AA

THE AA has finally received a formal offer for the business from suitors after 48 hours of last- minute discussions.

Shareholders will receive 35p a share from TowerBrook Capital and Warburg Pincus – two private equity houses – who said they see a long- term successful future for the famous breakdown firm.

The firms had until 5pm yesterday to make an offer or walk away. They said the deal would see them drive the AA forward to “better serve its customers and capitalise on its considerable strengths”.