June 23, 2014 / 7:06 AM / in 3 years

Shares in UK motor company AA fall in IPO

LONDON, June 23 (Reuters) - Shares in UK motoring firm AA fell 2.4 percent to 244 pence in conditional trading on the London Stock Exchange on Monday, after the company’s offer price of 250 pence valued the business at almost 1.39 billion pounds ($2.4 billion).

The offer, which is being sold to a management buy-in team and cornerstone investors as well as a free float, allows its private equity owners to sell completely out of the firm. ($1 = 0.5876 British Pounds) (Reporting By Freya Berry; editing by Clare Hutchison)

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