(Alliance News) - Go-Ahead Group PLC on Thursday said the High Court of Justice in England and Wales allowed the acquisition of the company by Gerrard Investment Bidco Ltd.
Go-Ahead is North-East based public transport operator. Gerard Investment Bidco is a newly formed company indirectly owned by the Australia-based bus company Kinetic Group and Spanish transport infrastructure company Globalvia Inversiones SAU.
The agreement between Go-Ahead Group and Gerard Investment Bidco was announced back in June. Gerard Investment would acquire the entire share capital for a value of 1,500 pence per share including a 50p per share dividend.
This was then increased in August to 1,550p per share including a 100p dividend. This scheme secured the backing of Go-Ahead's shareholders and it was this scheme sanctioned by the High Court.
Shares in Go-Ahead group were untraded on Thursday but last traded at 1,546.000 pence each.
Applications have been made to suspend the trading of the company's shares on the London Stock Exchange. This is expected to take place on October 7 and the acquisition is expected to become effective on October 10.
By Chris Dorrell; chrisdorrell@alliancenews.com
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