National Express’ takeover of rival Stagecoach has been gazumped by German asset firm DWS.
The British bus operator Stagecoach has dropped its support for a merger with National Express, instead agreeing to be taken over by DWS Infrastructure, part of German asset management firm the DWS Group, driving the proposed £1.9 billion merger off the road.
In a sudden U-turn, the Scottish transport group said it was now recommending a sale to the fund managed by DWS Infrastructure for 105p a share in cash, and has withdrawn support for the National Express bid that valued Stagecoach at £445 million.
The Stagecoach share price soared 38% this morning, to sit around the £1.05 per share price of the new bid.