On 18th October the Date was extended to 16th November 2021 by which National Express was required to make an offer.
A further extension has now been agreed. Reciprocal due diligence is now at an advanced stage and constructive discussions between Stagecoach and National Express are ongoing, as it is believed that the Potential Combination would be a strategically compelling proposition delivering strong value creation for both sets of shareholders.
The Takeover Panel has consented to a further extension to the date by which National Express is required either to announce a firm intention to make an offer for Stagecoach or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
Such announcement must now be made by not later than 5.00 p.m. (London time) on 14 December 2021. This deadline can be extended by the Board of Stagecoach, with the consent of the Takeover Panel.
An announcement of a firm intention to make an offer on a recommended basis by National Express under Rule 2.7 of the Code remains subject to satisfactory completion of reciprocal due diligence as well as final approval by the Boards of National Express and Stagecoach.
National Express reserves the right to walk away from making an offer.