Stagecoach Group PLC - Perth, Scotland-based transport provider - Bidder lowers the acceptance condition for its agreed takeover offer to 50% from 75%. Pan-European Infrastructure III SCSp, an infrastructure fund managed by DWS Infrastructure, has acceptances for its offer representing 30% of Stagecoach shares, unchanged from recent announcements. DWS decided to reduce the acceptance condition in order to provide more certainty to Stagecoach shareholders, as the deal is more likely to complete as a result, a spokesperson explains.
Back in March, the Stagecoach board accepted DWS's GBP594.9 million cash offer, switching its support from an all-share merger with UK peer National Express Group PLC. The DWS offer of 105 pence per Stagecoach share remains open until May 21.
Current stock price: 105.60 pence
12-month change: up 22%
By Tom Waite; thomaslwaite@alliancenews.com
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