the State of New York ("NYAG") have initiated legal proceedings against Twin America, LLC; Coach USA, Inc; International Bus Services, Inc; CitySights LLC; and City Sights Twin, LLC, alleging that the formation of the Twin America, LLC ("Twin America") joint venture in 2009 was anticompetitive.
Twin America http://twinamerica.com/ is a joint venture between Stagecoach North America and City Sights, which began operating on 31 March 2009. It principally operates sightseeing bus services in New York City. Each of the joint venture partners contributed certain assets and rights to the joint venture. Stagecoach North America holds 50% of the voting rights and 60% of the economic rights of the joint venture.The DoJ and the NYAG are seeking dissolution of the joint venture or, alternatively, divestiture of assets approximating the City Sights business that existed prior to the formation of the venture, including the City Sights brand, as well as an injunction against re-combining, equitable monetary relief, fees, costs and other relief as the court might order.
Twin America and the joint venture parties intend to robustly defend their position and will take all actions to protect their interests. Stagecoach will continue to keep the market updated as appropriate.
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http://otp.investis.com/clients/uk/stagecoach/rns/regulatory-story.aspx?cid=273&newsid=297531
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