National Express has decided not to up its offer for Stagecoach, but still insists its original proposal is superior to that of German asset manager DWS Group.
The two public transport businesses agreed a deal at the end of last year, which valued Stagecoach at around £437m, but the Perth-based business subsequently pulled out after agreeing in March to a new 595m takeover by Pan-European Infrastructure III, a fund managed by DWS.
A stock exchange statement this morning stated that National Express believes the terms of its offer represent a "superior value creation opportunity when compared to the DWS offer", which it argues materially undervalues Stagecoach and the prospects of the recovering sector.
