YESTERDAY'S STOP PRESS
National Express announced at 0700 this morning (i.e yesterday) that it was considering a bid for the Stagecoach Group.
The rules governing takeovers are quite strict but, in essence, they require the bidder to "come clean" with a public statement of what they are offering. This does not constitute a legal bid but is merely (merely!?) a notice of intent. Assuming that the deal is agreed by all parties concerned, there is a good chance it will turn into the actual bid.
Corporate finance is something of a "dark art" but the full press release goes some way towards a further explanation.
At this stage, nothing has been said about brands and company names, but the press release talks (optimistically) about cost saving and size benefits of one third.
Back in 2009, a bid from Stagecoach to take over National Express came to nothing.
fbb does wonder whether the sale of Travel Dundee (former Dundee Corporation Transport) ...