Signature Aviation PLC (LON:SIG) said on Monday that it's board is minded to accept an offer from Blackstone Infrastructure worth 386p per share.
On Friday, the specialist air services group confirmed it had received two approaches from private equity groups,
One was from Blackstone and the other from Global Infrastructure Partners, but that was for a cash offer at a lower price and was rejected.
In a statement Monday, Signature said: “Having considered the terms of the Blackstone Proposal, the Board of Signature has indicated to Blackstone that it would currently be minded to recommend a firm offer for Signature at the price set out in the Blackstone Proposal.”
Signature noted that this latest bid is the sixth it has received from Blackstone with the first approach made in February 2020.
The 386p per share offer values Signature at around £3.2bn and is a 44% premium to the price on December 16, 2020, when the offer period began.