The AA’s biggest investor has told takeover suitors for the breakdown firm to “give us a price, or stop wasting all our time”.
Private equity duo TowerBrook and Warburg Pincus have until 5pm on Tuesday to make a bid under City rules.
But Drew Dickson of Albert Bridge Capital, which owns a 20pc stake in the AA, fears this deadline could be extended for the fourth time.
The AA is saddled with more than £2.5bn of debt, much of it which can be traced back to its float in 2014. Following a steady sell off, its shares are worth little more than £200m.
The company effectively put it up for sale in August by announcing three separate approaches and warning of the need to refinance more than £500m owed to bondholders.
Without a deal, the AA would need to refinance the debts in the coming months, strengthening the bargaining power of TowerBrook and Warburg Pincus.
Mr Dickson said: “The private equity guys are obviously being smart by wanting this to draw out.
“We are happy for the AA to make this the final deadline. We would like to see them tell the other side: ‘Listen, give us a price, or stop wasting all our time.’ ”
The AA declined to comment.