Private equity groups end their battle for control of the UK-listed private jet services group
Blackstone and Global Infrastructure Partners have ended their takeover battle for the UK-listed private jet services company Signature Aviation, agreeing to join forces in a new £3.5bn bid for the company.
The two private equity groups, together with Bill Gates’ wealth manager Cascade Investment, have made a £4.11 per share offer for the business.
The groups had been poised for a possible battle for the company, with Blackstone and Cascade making a tentative £3bn offer in January, which GIP trumped with a £3.4bn bid the following week.
Signature’s shares fell 2 per cent to £4.15, closer to the level of the fresh offer, by Friday late morning in London. They have risen more than 60 per cent since news of the first takeover interest in the middle of December.
Read more at: Financial Times
By Kaye Wiggins and Philip Georgiadis
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