Proposed NX takeover of Stagecoach

[winston]

It's all gone v quiet.

As of the 4th May, the DWS recommended cash offer, had only got 30.02%, 16.99% of those votes were what DWS had purchased off Threadneedle Assett Management. Normally DWS would need 75% of acceptances to compulsory purchase the remainder, somehow DWS have got this lowered to 50% + 1 share

https://otp.tools.investis.com/clients/uk/stagecoach/rns/regulatory-story.aspx?cid=273&newsid=1579598

[Sandy Lane]

Thanks for the info.

[winston]

As of 3pm yesterday, DWS still only have acceptances for 30.26% which includes 16.99% stake they acquired.
https://otp.tools.investis.com/clients/uk/stagecoach/rns/regulatory-story.aspx?cid=273&newsid=1581970

There's only 11 days to run until 1pm 21st May.

[midlandred2003]

Is it known what percentage NX have?

[Tony]

Is it known what percentage NX have?

Nil

[winston]

NX has confirmed they will not be upping their offer for Stagecoach:

https://www.thisismoney.co.uk/money/markets/article-10820749/National-Express-refuses-budge-Stagecoach-takeover-offer.html

Whilst DWS still only have 30.36% acceptances of the 50% needed. 

[winston]

DWS have won the battle for Stagecoach, their offer has now gone unconditional, NX's takeover offer has now lapsed:

https://otp.investis.com/generic/regulatory-story.aspx?cid=273&newsid=1586235