Blackstone, Bill Gates' Cascade Agree To Pursue Joint Offer For Signature Aviation

(RTTNews) - Blackstone and Bill Gates' Cascade Investment are in advanced discussions with Signature Aviation plc. (SIG.L) in respect of the joint offer proposal, which would involve a cash offer of $5.17 per share, Blackstone said in a statement.

Blackstone said Signature has confirmed that it supports the joint offer or status of Blackstone and Cascade.

In connection with the joint offer proposal, Blackstone and Cascade have entered into an exclusivity arrangement under which Cascade has agreed to work exclusively with Blackstone to pursue the Joint offer proposal and not to work with any other possible offeror with respect to a joint offer for the company or an offer whereby Cascade would receive any form of equity consideration.

As of on 7 January 2021, Cascade and its related entities owned or controlled 157.58 million Signature shares, representing about 19.01 percent of Signature's issued share capital.

As per the U.K. rule, Blackstone and Cascade are required, by no later than 5.00pm (London time) on 14 January 2021 to either announce a firm intention to make an offer for the company or announce that they do not intend to make an offer. The deadline can be extended with the consent of the U.K. Panel.