British bus operator makes U-turn on £1.9bn proposal and agrees deal with fund managed by German firm DWS
The British bus operator Stagecoach has dropped its support for a £1.9bn merger with National Express, instead agreeing to be taken over by a major infrastructure investment fund in a £595m deal.
In a sudden U-turn, Stagecoach said it was recommending a sale to the fund managed by the German firm DWS Infrastructure for 105p a share in cash, and has withdrawn support for the National Express bid.
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