UK transport group Stagecoach has pulled out of a proposed merger with National Express after its board accepted a new ?595 million offer from a German infrastructure investment fund.
Stagecoach and National Express announced plans for a ?1.9 billion merger in December 2021. The UK¡¯s Competition & Markets Authority?had already decided to investigate this proposed merger.
But Stagecoach¡¯s board announced on Wednesday (9 March) that it was now recommending a new offer for the company from Inframobility UK Bidco Limited, which is managed by Germany¡¯s DWS Infrastructure fund.
¡°Consequently, the Stagecoach directors have today confirmed that they no longer intend to recommend the National Express offer announced on 14 December 2021,¡± said Stagecoach in a statement.
National Express said it ¡°notes¡± the announcement of the new takeover bid for Stagecoach by Inframobility UK Bidco.
¡°A further announcement will be made in due course. In the meantime, the National Express board advises shareholders to take no action in respect of the offer,¡± added National Express in a statement.