{"id":107835,"date":"2021-01-08T12:11:15","date_gmt":"2021-01-08T12:11:15","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107835"},"modified":"2021-01-08T12:11:15","modified_gmt":"2021-01-08T12:11:15","slug":"blackstone-gates-team-up-for-signature-aviation-bid-as-carlyle-circles","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/blackstone-gates-team-up-for-signature-aviation-bid-as-carlyle-circles\/","title":{"rendered":"Blackstone, Gates team up for Signature Aviation bid as Carlyle circles"},"content":{"rendered":"
(Reuters) – Blackstone won over Signature Aviation\u2019s biggest shareholder Bill Gates for a possible $4.3 billion bid for the British private jet servicing company, going head-to-head with another potential suitor Carlyle.<\/p> Blackstone\u2019s agreement with Gates\u2019 Cascade Investment Llc for its planned offer announced on Friday comes just hours after Signature confirmed Carlyle\u2019s takeover approach.<\/p>\n Blackstone and Cascade, which already owns a 19% stake in London-based Signature, are in advanced talks with the company about their proposal that involves a cash offer of 3.81 pounds per share, they said in a joint statement.<\/p>\n The company said last month it was minded to recommend the Blackstone proposal.<\/p>\n Shares in the company formerly known as BBA Aviation fell 4.2% to 4 pounds on the FTSE 250 midcap index by 1020 GMT, handing back some of their 65% gain in the three weeks since Signature Aviation confirmed talks with Blackstone.<\/p>\n The offer which was disclosed in December will be made through Brown Bidco Ltd, a newly incorporated company which will be 70% owned by Blackstone with Cascade holding the rest.<\/p>\n Signature Aviation said in December that this was Blackstone\u2019s sixth proposal, its first being in February last year.<\/p>\n While airlines across the world are struggling to survive the COVID-19 travel curbs, operators of private jets have fared better as wealthy passengers switch to what is perceived as a safer way to fly.<\/p>\n In its half-year results statement last year, Signature Aviation pointed to a recovery in flight activity in August compared to April when most countries had just begun lockdowns to stymie the spread of the virus.<\/p>\n Signature Aviation, which said last month it was minded to recommend the Blackstone proposal, declined to comment on Friday. Carlyle also declined to comment.<\/p>\n Signature also disclosed in December it had rebuffed another proposal from Global Infrastructure Partners about a bid that was lower than Blackstone\u2019s.<\/p>\n Blackstone said the terms of its agreement with Cascade also contained meant Cascade will vote against any competing proposal after a firm bid is made Blackstone.<\/p>\n As per UK takeover rules, Blackstone and Cascade are required to either announce a firm intention to make an offer or walk away by Jan. 14.<\/p>\n