Stagecoach Group has told shareholders to approve a rival takeover bid for the firm, effectively sinking the merger it had previously agreed with National Express (LTT 17 Jan).
The recommended new 105p-per-share offer, valuing Stagecoach at £595m, comes from Inframobility, whose owner is a fund managed by German asset manager DWS Infrastructure.
The approach represents a premium of more than one-third on its prior closing share price and is over 50% higher than the share price the...
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