Signature Aviation PLC (LON:SIG) has recommended a new and improved bid from a consortium of private equity group Blackstone and fund manager Global Infrastructure Partners (GIP), which previously had been duking it out separately for the takeover.
The new offer of US$5.62 per Signature share equates to roughly 411p per share and values the air services group at US$4.7bn (£3.46bn).
This new cosy pact follows talks between all three parties after Blackstone made six separate independent proposals and GIP made another five independent proposals itself.
Blackstone and GIP’s combined offer, under the name of Brown Bidco, is an increase of 12 US cents to the GIP offer of US$5.50 made on January 11, 2021, and an increase of 45 US cents to the proposal made by Blackstone and Bill Gates’ Cascade Investment vehicle of $5.17 before that.
Cascade and the Bill & Melinda Gates Foundation will retain their 19% share of the company as part of the takeover.