Go-Ahead Group – the owner of Isle of Wight bus company Southern Vectis – has received 2 takeover bids, which the company says it is minded to accept.
Go-Ahead has told its shareholders that it has received an unsolicited approach from a firm in Australia called Kelsian. It has also been approached about a potential takeover by a consortium consisting of another Australian bus operator, Kinetic, and transport infrastructure company Globalvia.
Go-ahead group – the largest supplier of double-decker buses in the United Kingdom – has not made the details of any approach known and has said that there can be ‘no certainty that any offer will be accepted’.
A subsidiary of the parent firm, Go South Coast, is in charge of Southern Vectis and companies elsewhere in Hampshire, Wiltshire and Dorset.
Shares in the parent transport firm Go-Ahead surged by nearly a fifth after the takeover talks were confirmed.
In a statement, Go-Ahead has said:
“The board of Go-Ahead carefully evaluated the approaches from each of Kelsian and the Consortium together with its financial adviser, Rothschild & Co.”
“The most recent revised proposals received from each of Kelsian and the Consortium are both at a level which, should a firm offer be made, the board of Go-Ahead would be minded to recommend such a firm offer to Go-Ahead shareholders, subject to the agreement of other customary terms and conditions.”
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More of the UK being sold overseas. We may live here but all the governments and royal families have sold our birthright from underneath us. The UK no longer belongs to the British, they sold it!
This takeover will have massive benefits for transport users in Australia and New Zealand – where the profits from the UK will be used to subsidise their fares. The UK has been doing this in France, Spain, Germany etc etc for their transport, water and energy companies for years, so it is no surprise that an Australia company operating also in NZ, and majority owned by a Canadian Pension fund should jump on the UK gravy train.
Oh no! I hope they don’t make any changes to ticketing. I’ve only just re-mortgaged my house to buy a monthly rover ticket.
Just think it was a public service once