Tuesday, 19 October 2021

Date Extended by Which National Express is Required to Make an Offer for Stagecoach

On 21 September 2021, Stagecoach Group plc ("Stagecoach") and National Express Group PLC ("National Express") announced that they were in discussions in relation to a possible all-share combination.

The rules stated that by not later than 5.00 p.m. on 19 October 2021, National Express should either announce a firm intention to make an offer for Stagecoach, or to announce that it does not intend to make an offer.

Discussions between Stagecoach and National Express have continued, with respective management teams and advisers working constructively to progress reciprocal due diligence.

The Board of Stagecoach has now requested, and the Panel on Takeovers and Mergers (the "Takeover Panel") has consented to, an extension to the date by which National Express is required either to announce a firm intention to make an offer for Stagecoach  

The revised date by which a firm offer must be made is not later than 5.00 p.m. on 16th November 2021. This deadline can be extended by the Board of Stagecoach, with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.

Discussions between the parties and reciprocal due diligence remain ongoing and there can be no certainty that an offer will be made.

A further announcement will be made as and when appropriate.