Stagecoach pulls its brakes on rival’s offer and sells out for £595m | City & Business | Finance

The bus operator is selling itself to DWS for £549.9million – almost £74million more than the earlier deal.

In December Stagecoach agreed to merge with National Express in what was effectively a takeover.

National Express’s shareholders would have owned three-quarters of the combined firm. That deal valued Stagecoach at 87.8p per share or £476million.

However, yesterday Stagecoach’s board withdrew its backing and urged shareholders to agree to the offer from DWS. It will buy the Perth-based company for 105p per share.

Stagecoach boss Martin Griffiths said: “The proposed offer [from DWS] presents a major opportunity to maximise the significant growth potential ahead as governments seek to deliver economic recovery, level up communities, provide better health outcomes for citizens, and transition to a net zero future.

“We believe it will open a new and exciting chapter for Stagecoach, backed by a team who share our vision for a more sustainable future.

“We also believe it will deliver positive outcomes both now and in the long-term for all of our key stakeholders.”