IN BRIEF: DWS fund lowers acceptance condition for Stagecoach offer

Stagecoach Group PLC - Perth, Scotland-based transport provider - Bidder lowers the acceptance ...

Alliance News 5 May, 2022 | 10:51AM
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Stagecoach Group PLC - Perth, Scotland-based transport provider - Bidder lowers the acceptance condition for its agreed takeover offer to 50% from 75%. Pan-European Infrastructure III SCSp, an infrastructure fund managed by DWS Infrastructure, gives no reason for the decision. It says it has acceptances for its offer representing 27.5% of Stagecoach shares, essentially unchanged from recent announcements.

Back in March, the Stagecoach board accepted DWS's GBP594.9 million cash offer, switching its support from an all-share merger with UK peer National Express Group PLC. The DWS offer of 105 pence per Stagecoach share remains open until May 21. It has a 75% acceptance condition, though this could be lowered.

Current stock price: 105.30 pence

12-month change: up 22%

By Tom Waite; thomaslwaite@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
National Express Group PLC 179.00 GBX 0.17 -
Stagecoach Group PLC 1.22 -

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