LONDON, March 15 (Reuters) - Investment bank Cenkos Securities has tabled an approach for the AA, according to Acromas Holdings, the owner of the British motoring organisation and breakdown service.
Cenkos has lined up institutional investors including Aviva , BlackRock, F&C Investments, JP Morgan Asset Management and Threadneedle to take stakes in the AA through a new stock market-listed company, Sky News earlier reported.
“We can confirm that we have received a number of unsolicited proposals since the successful securitisation of the AA including one from Cenkos,” Paul Green, Acromas Holdings’ director of communications, said in a statement.
“While we take all such proposals seriously, no decision to sell the AA has been taken.”
Cenkos Securities was not immediately available for comment on Saturday.
Acromas Holdings, a holding company whose backers include private equity groups Charterhouse, CVC and Permira, owns over-50s travel and insurance company Saga as well as the AA.
It completed a 3 billion pound ($5 billion) refinancing last year, paving the way for a break up of the group and a possible listing of Saga.