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Go-Ahead PLC on Thursday said it backs a slightly improved takeover offer from a consortium consisting of Kinetic Holding and Globalvia Inversiones.
In June, Newcastle, England-based Go-Ahead agreed to a takeover offer from Gerrard Investment Bidco Ltd, a subsidiary of a consortium consisting of Kinetic Holding Co Pty Ltd and Globalvia Inversiones SAU.
Kinetic is a bus operator in Australia and New Zealand, while Globalvia is a Madrid-based transport infrastructure firm.
The bid for Go-Ahead was 1,500 pence per share, valuing the public transport provider at £647.7 million.
The consortium had been a bidding war with Kelsian Group Ltd, an Adelaide-based ferry, bus, and light rail operator in Australia, Singapore and the UK. However, in July, Kelsian confirmed that it would not make an offer to buy Go-Ahead.
On Thursday, Kinetic and Globalvia agreed to raise the takeover offer for Go-Ahead shares to 1,550p per share, comprising of 1,450p in cash, plus a 100p special dividend. This represents a 28% premium to the closing price of Go-Ahead shares on June 10, being the last business day prior to publication of the original offer. The bid values Go-Ahead at £669 million.
The consortium said that, in addition to the Go-Ahead board, its offer has received support from institutional investors Jupiter Asset Management Ltd, abrdn PLC, Schroder Investment Management Ltd and M&G Investment Management Ltd. Together, along with Go-Ahead's directors, this represents around 27% of Go-Ahead's share capital.
The Go-Ahead shareholder meeting to approve the takeover on August 8 has been adjourned to August 16, to ensure that all shareholders have the opportunity to consider the increased offer.
Kinetic Co-Chief Executive Officer Michael Sewards and Globalvia CEO Javier Perez Fortea said: ‘This transaction will create a leading global, multi-modal, mass transit platform and unlock value for all stakeholders. Given our track record and experience we will provide long term capital and expertise to support the acceleration of Go-Ahead's strategy and transition to net zero.’
Go-Ahead shares were up 2.4% at 1,536.00 pence each in London on Thursday around midday.
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