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UK's National Express given more time to bid for Stagecoach

Reuters
·1 min read
FILE PHOTO: The spread of the coronavirus disease (COVID-19) in London

LONDON (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)