The likely buyers of North East transport operator Go-Ahead Group have increased their offer for the business by about £22m.
The consortium of Kinetic TCo Pty Ltd - Australia and New Zealand's largest bus network - and Spanish transport firm Globalvia Inversiones S.A.U has now proposed to pay 1,550 pence for each share. The move values Go-Ahead at about £669m, around 11.2 times the group's earnings in the year to the end of January 2022.
Go-Ahead has now delayed its general meeting by eight days to allow shareholders more time to consider the deal which, if it goes ahead, is expected to complete in October. In an update to investors, Go-Ahead did not say why the increased offer was made despite the boards of both companies agreeing a £647m deal in June.
