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Piaggio Aerospace pushes back deadline for takeover bids
Posted on Wednesday, 25 March 2020 15:56
Italian private jet manufacturer Piaggio Aerospace has opted to postpone the deadline for expressions of interest to be submitted due to the coronavirus outbreak which is sweeping the world.
The firm had originally specified that interested parties should lodge approaches by 3rd April, but this has now been pushed back until 4th May.
No further details have been disclosed at this time.
A sale of Piaggio Aerospace was first reported in May 2019, when the company’s administrator placed notices in the Financial Times and Il Sole 24 Ore, inviting expressions of interest to acquire it.
The firm had been in insolvency since December 2018.
With a matter of weeks, it had received 39 non-binding expressions of interest from prospective suitors, a source in the know told Reuters.
Of these offers, 26 were for the company in its entirety, the report said.
The outbreak of Covid-19 has impacted Italy more significantly than any other country; at the time of writing, 6,820 people have died there from the disease, according to a CNBC report.
Its government imposed a national lockdown on 9th March and earlier this week, tightened restrictions by closing close to all industrial production and offices, the Wall Street Journal noted.
Piaggio claims to be an industry leader in business aviation and defence and security.
There have so far been 16 deals worth a combined USD 1.42 billion targeting aircraft manufacturers announced worldwide since the beginning of 2020, according to Zephyr, the M&A database published by Bureau van Dijk.
Of these, the most valuable is worth USD 590.00 million and took the form of a Series C funding round as US-based Joby Aviation secured an injection led by Toyota Motor and also including participation from Intel Capital, Sparx Group and AME Cloud Ventures, among others.
© Zephus Ltd