Piaggio Aerospace's extraordinary commissioners have established a firm deadline of January 30 for prospective buyers to submit their conclusive and binding offers for the acquisition of the Italy-based airframer. This deadline marks a recalibration in the protracted sale process, following an extended due diligence phase during which 13 potential bidders were granted access to company data.
Bankruptcy proceedings for Piaggio prompted officials to reopen the bidding process in May 2023, after a previous attempt to finalize the company's sale faltered in 2022. The renewed process garnered 18 expressions of interest in June, leading to a narrowing down of the field in July, focusing on the acquisition of Piaggio Aero Industries and Piaggio Aviation, the two entities operating collectively as Piaggio Aerospace.
Commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti characterized the participating bidders as "first-level companies or consortia mainly with an industrial background, demonstrating a keen interest in acquiring the company in its entirety, predominantly based in Italy or Europe."
Originally, the commissioners had intended to call for binding offers following the due diligence period in August, but the timeline underwent adjustments as the intricate sale process unfolded.