(Alliance News) - Stagecoach Group PLC on Tuesday said it has been granted on request an extension to the deadline by which National Express Group PLC must make a firm offer for the Perth, Scotland-based transport operator into next month.
The deadline for Birmingham-based National Express to make a takeover offer for Stagecoach has been moved back to December 14.
Both companies said that reciprocal due diligence is at an advanced stage and constructive discussions are ongoing.
The talks to combine two of the UK's largest public transport providers were first announced in late September.
FTSE 250-constituent National Express is the bigger of the two, with a GBP1.47 billion market capitalisation, while Stagecoach has a value of about GBP427 million.
Shares in National Express were down 0.6% at 239.80 pence on Tuesday in London, while Stagecoach shares were 1.6% higher at 77.60 pence.
By Dayo Laniyan; dayolaniyan@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.
