National Express has insisted that its proposed £1.9bn merger with Stagecoach is “superior” to the rival bid by German investment group DWS, as it sought to win over shareholders.
The group said it believes the 105 pence-per-share bid from DWS “materially undervalues” Stagecoach, but has held back from sweetening its offer.
It added that its own tie-up proposal offers a “superior value creation opportunity”, with a so-called potential illustrative look through value of up to around 170p a share for Stagecoach.
