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National Express receives extension for Stagecoach takeover deadline

Tue, 16th Nov 2021 08:01

(Sharecast News) - Public transport operators Stagecoach and National Express said on Tuesday that the deadline for their potential merger had been extended to 14 December, with reciprocal due diligence now at an advanced stage as "constructive discussions" between the pair regarding the possible all-share combination continued.
Stagecoach and National Express stated that the boards of both firms continue to believe that a potential combination would be "a strategically compelling proposition", capable of delivering strong value creation for both sets of shareholders.

However, as discussions between the parties remained ongoing, both companies highlighted that there was no certainty that an offer would be made.

The duo entered talks in September regarding the all-share offer, which valued Stagecoach at £445.0m.

National Express said it had identified pre-tax cost synergies that were expected to reach a run-rate of at least £35.0m, with around 25% achieved by the end of the first year, 85% by the end of the second year and full run rate by the end of the third year, following completion of the deal.

As of 0900 GMT, National Express shares were up 0.66% at 242.80p and Stagecoach shares were 2.81% firmer at 78.55p.
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11 Feb 2021 13:23

Berenberg raises target price on National Express

(Sharecast News) - Analysts at Berenberg raised their target price on transportation outfit National Express from 280.0p to 360.0p on Thursday, stating the group still had "more mileage left to cover".

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11 Feb 2021 09:36

BROKER RATINGS: Investec Cuts NatWest To Sell; UBS Raises Aggreko

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11 Feb 2021 08:16

LONDON BRIEFING: Shell Says 2019 Was Peak Oil As Targets 'Net Zero'

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10 Feb 2021 13:12

Wednesday broker round-up

(Sharecast News) - Ocado Group: Berenberg reiterates buy with a target price of 2,925p.

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10 Feb 2021 10:53

Canaccord Genuity raises target price on National Express

(Sharecast News) - Analysts at Canaccord Genuity raised their target price on public transport provider National Express from 255.0p to 330.0p on Wednesday, stating it was "increasingly confident" that the firm's financial performance will "largely return to normal" in 2022.

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4 Feb 2021 15:21

FTSE 250 movers: National Express, Capital&Counties wanted

(Sharecast News) - London's second-tier index was edging higher again on Thursday, buoyed by cautious confidence that the UK was on the path to bringing the pandemic under control and reopening its economy.

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18 Jan 2021 09:34

UK BROKER RATINGS SUMMARY: Land Securities And Dixons Get Upgrades

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8 Jan 2021 05:57

National Express To Temporarily Suspend All Coach Services Until March

National Express To Temporarily Suspend All Coach Services Until March

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18 Dec 2020 09:44

UK BROKER RATINGS SUMMARY: Smith & Nephew And WPP Get Upgrades

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UK BROKER RATINGS SUMMARY: Jefferies Raises Whitbread And Cuts IHG

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3 Dec 2020 14:37

UK EXECUTIVE CHANGE SUMMARY: Long-Serving Premier Miton Chair Retires

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2 Dec 2020 14:37

UK EXECUTIVE CHANGE SUMMARY: Accrol Hires New CFO Newman From DS Smith

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25 Nov 2020 11:14

National Express Non-Execs Lee Sander and Chris Muntwyler Step Down

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19 Nov 2020 18:07

IN BRIEF: National Express Prices GBP500 Million Hybrid Instrument

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17 Nov 2020 11:52

National Express Plans Inaugural Hybrid Instruments To Refinance Debt

National Express Plans Inaugural Hybrid Instruments To Refinance Debt

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