Aircastle has announced that its board of directors are evaluating its strategic alternatives, which may include the sale of the company.
The firm, which acquires, leases and sells commercial jet aircraft, saw its shares jump about 9% upon the news.
Stamford-based Aircastle said it has received preliminary expressions of interest from third parties on a possible deal and is holding talks.
"There can be no assurance that this process will result in a transaction or, if a transaction is undertaken, its terms or timing," the company said in a statement.
Japanese trading company Marubeni, which owns approximately 29% of shares in the company, disclosed this morning they are interested in
acquiring the remaining outstanding shares of the company, but would
like to purchase the company via a consortium, however, there is no
concrete bid yet.
Reports have suggested that management has been frustrated with the
company’s stock performance in recent years as the firm continues
to grow. It also achieved an investment grade rating.
The company has hired Citigroup as financial adviser and Skadden,
Arps, Slate, Meagher & Flom LLP as legal adviser.
Shares of Aircastle have gained 38% in 2019.