Bosses at the AA plc (LSE:AA.) are expected to accept a takeover offer worth more than £200 million from private equity firms. The AA said it had received a 35 pence-per-share offer from TowerBrook Capital Partners L.P. and Warburg Pincus LLC after in effect putting itself up for sale in August. The board said it was minded to accept the offer. The two sides were last night putting the final touches to a formal announcement that could come as soon as today. The takeover would then need to be agreed by shareholders. Current investors will be able to retain a stake in the business, with the bidders offering up to 16pc to those that are prepared to accept shares instead of cash. The AA has endured a tumultuous six years as a listed company, having struggled to shift nearly £3 billion of debt racked up prior to its 2014 float. TowerBrook and Warburg Pincus are to inject £380 million as equity as part of the deal. The company said: "The board believes that the [AA] needs a more sustainable capital structure and requires a significant amount of additional new equity in order to reduce the group's indebtedness and to fund future growth." The offer comes after Drew Dickson of Albert Bridge Capital, the AA's biggest investor, told takeover suitors last week to "give us a price, or stop wasting all our time". Talks with Centerbridge Partners Europe and Platinum Equity Advisors fell through after the AA put itself on the market in the summer. At the time, the AA warned of the need to refinance more than £500 million owed to bondholders. Shares fell 4.8% to 31.95 pence, valuing the company at £200 million.