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Platinum Equity pulls out of offer for British roadside recovery firm AA

Reuters
·1-min read

LONDON (Reuters) - Platinum Equity no longer plans to make an offer for roadside recovery firm AA <AAAA.L>, it said on Wednesday.

Discussions with the board of AA "have been terminated by mutual agreement", Platinum Equity said in a statement.

The roadside recovery firm said in August it had been approached by three bidders, Centerbridge Partners Europe and Towerbrook Capital Partners acting together, Platinum Equity Advisors and Warburg Pincus.

AA said earlier this month it had been granted an extension for potential offers by regulators until Sept 29 and discussions with each group had continued to progress.

(Reporting by Carolyn Cohn; Editing by Rachel Armstrong)