Thursday 29 December 2011

ADL to Bid for Optare?

Bus and coach manufacturer Alexander Dennis is considering a cash offer for its rival Optare.
The statement comes only days after Optare announced that Ashok Leyland, part of India’s Hinduja Group, is planning to raise its stake in Optare to 75.1 per cent through a £4 million share placing.
In a statement to the Stock Exchange today, ADL says: “This announcement does not amount to a firm intention to make an offer and there can be no certainty that any offer will be made. Any offer would be in cash.” It has made a formal approach to Optare - by writing to Chairman, John Fickling - to ask for information so “it can consider whether to make an offer.”

David Gambles