UK bus company Stagecoach has agreed to a 拢594.9m (鈧�692.5m) offer from a DWS-managed infrastructure fund and withdrawn its support for a merger with coach operator National Express.
DWS Infrastructure鈥檚 third pan-European infrastructure fund PEIF III is offering 105 pence in cash for each Stagecoach share, an offer which represents a 37.2% premium the London-listed transport company鈥檚 last closing price of 76.55 pence.
Stagecoach said it intends to recommend that its shareholders accept the DWS offer.
In December last year, National Express and Stagecoach announced that they had reached agreement on the terms of a recommended all-share combination of National Express and Stagecoach.
Stagecoach shareholders would have owned 25% and National Express shareholders would have own 75% of the combined group.
At the time, the National Express offer announcement stated that the Stagecoach directors intended to recommend that its shareholders accept the National Express offer.
Stagecoach said today that in light of its intended recommendation of the offer by PEIF III, the Stagecoach directors have decided unanimously to withdraw their recommendation of the National Express offer.
Stagecoach said in addition to the cash premium and certainty for investors, the DWS offer 鈥漰resents a number of benefits鈥� to other Stagecoach key stakeholders as well as 鈥漵upporting the significant growth opportunities鈥� ahead.
Hamish Mackenzie, the head of infrastructure at DWS said: 鈥淎s a long-term investor in essential services with a strong track record in the UK and European transport sectors, DWS Infrastructure will back Stagecoach to rapidly capitalise on the growth opportunities presented by increased public and private investment in UK bus and coach.
鈥淲e are focused on supporting Stagecoach and its management team to deliver their strategy for the benefit of passengers, local communities and employees, as well as helping achieve ambitious plans for reaching net zero.
鈥淲e are pleased the Board of Stagecoach has unanimously recommended our offer and we look forward to working with the existing management team to grow the business sustainably for the long-term.鈥�
Martin Griffiths, CEO of Stagecoach said the directors believe the offer will open a 鈥漬ew and exciting chapter for Stagecoach, backed by a team who share our vision for a more sustainable future鈥�.
鈥淲e also believe it will deliver positive outcomes both now and in the long-term for all of our key stakeholders: the customers and the communities we serve, the people who deliver our high-quality transport services, our partners in national and local government, and the investors who have supported our continued success over many decades,鈥� Griffiths said.
Stagecoach is a leading multi-modal UK public transport company with over 8,400 buses and coaches.
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