Former Gatwick owner GIP, U.S. private equity giant Blackstone and Bill Gates’ investment vehicle together tabled an increased bid for private jet services firm Signature Aviation that values it at $4.73 billion, above a previous GIP solo bid.
The recommended $5.62-per share bid ends a months-long takeover battle for the British company that at one point involved interest from Blackrock rival Carlyle.
The London-listed firm’s board last month backed a $5.50 offer from GIP, which was higher than the $5.17 joint bid by Blackstone and Signature’s top shareholder, Cascade.
The new cash offer is to buy all of Signature’s shares other than the 19.01% owned by Cascade Investment and the Bill & Melinda Gates Foundation Trust.
GIP, which still manages a 49.99% stake in Gatwick, and Blackstone will own 35% each of the consortium, while Cascade will own 30%.
Source: Reuters
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