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Go-Ahead backs improved takeover offer from Kinetic and Globalvia

Thu, 04th Aug 2022 11:51

(Alliance News) - Go-Ahead PLC on Thursday said it backs a slightly improved takeover offer from a consortium consisting of Kinetic Holding and Globalvia Inversiones.

In June, Newcastle, England-based Go-Ahead agreed to a takeover offer from Gerrard Investment Bidco Ltd, a subsidiary of a consortium consisting of Kinetic Holding Co Pty Ltd and Globalvia Inversiones SAU.

Kinetic is a bus operator in Australia and New Zealand, while Globalvia is a Madrid-based transport infrastructure firm.

The bid for Go-Ahead was 1,500 pence per share, valuing the public transport provider at GBP647.7 million.

The consortium had been a bidding war with Kelsian Group Ltd, an Adelaide-based ferry, bus, and light rail operator in Australia, Singapore and the UK. However, in July, Kelsian confirmed that it would not make an offer to buy Go-Ahead.

On Thursday, Kinetic and Globalvia agreed to raise the takeover offer for Go-Ahead shares to 1,550p per share, comprising of 1,450p in cash, plus a 100p special dividend. This represents a 28% premium to the closing price of Go-Ahead shares on June 10, being the last business day prior to publication of the original offer. The bid values Go-Ahead at GBP669 million.

The consortium said that, in addition to the Go-Ahead board, its offer has received support from institutional investors Jupiter Asset Management Ltd, abrdn PLC, Schroder Investment Management Ltd and M&G Investment Management Ltd. Together, along with Go-Ahead's directors, this represents around 27% of Go-Ahead's share capital.

The Go-Ahead shareholder meeting to approve the takeover on August 8 has been adjourned to August 16, to ensure that all shareholders have the opportunity to consider the increased offer.

Kinetic Co-Chief Executive Officer Michael Sewards and Globalvia CEO Javier Perez Fortea said: "This transaction will create a leading global, multi-modal, mass transit platform and unlock value for all stakeholders. Given our track record and experience we will provide long term capital and expertise to support the acceleration of Go-Ahead's strategy and transition to net zero."

Go-Ahead shares were up 2.4% at 1,536.00 pence each in London on Thursday around midday.

By Sophie Rose; sophierose@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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