LONDON, Oct 18 (Reuters) - British transport group National
Express now has until Nov. 16 to make a firm offer for
takeover target Stagecoach Group, both companies said on
Monday after the regulator extended a deadline.
The pair first announced that talks were underway about
National Express acquiring Stagecoach in an all-share deal
valuing it at about 445 million pounds ($611 million) on Sept.
21 and the previous deadline had been set for Oct. 19.
The Takeover Panel has now given National Express until no
later than 1700 GMT on Nov. 16 to either make a firm offer or
walk away.
"Discussions between Stagecoach and National Express have
continued, with respective management teams and advisers working
constructively to progress reciprocal due diligence," Stagecoach
said in its statement.
($1 = 0.7287 pounds)
(Reporting by Sarah Young; editing by James Davey)
