Statement from Platinum Equity: No intention to make an offer for AA plc (“AA”)

THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.8 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE")

FOR IMMEDIATE RELEASE

23 September 2020
 

Platinum Equity announces today that discussions with the Board of AA have been terminated by mutual agreement and it does not intend to make an offer for AA.

As a result of this announcement, Platinum Equity will be bound by the restrictions contained in Rule 2.8 of the Code.

For the purposes of Rule 2.8 of the Code, Platinum Equity reserves the right to make or participate in an offer or possible offer for AA (and/or take any other action which would otherwise be restricted under Rule 2.8 of the Code) within 6 months following the date of this announcement:
1. with the agreement of the Board of AA;
2. following the announcement of a firm intention to make an offer for AA by a third party;
3. following the announcement by AA of a “whitewash” proposal (for the purposes of Note 1 on the Notes on Dispensations from Rule 9 of the Code) or a reverse takeover (as defined in the Code); or
4. if the Panel on Takeovers and Mergers determines that there has been a material change of circumstances.

Enquiries:
Platinum Equity
Dan Whelan +1 310 282 9202

Important Notices
This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction