Business
Extension of deadline
Extension of deadline.
About this update from Mobico Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5093S\n National Express Group PLC\n 16 November 2021\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.\n \n THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE UK CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\"). THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE.\n \n \n FOR IMMEDIATE RELEASE \n \n \n 16 November 2021 \n \n \n \n National Express Group PLC\n \n \n Extension of deadline under Rule 2.6(c) of the Code\n \n \n On 21 September 2021, National Express Group PLC (\"National Express\") and Stagecoach Group plc (\"Stagecoach\") announced that they were in discussions in relation to a possible all-share combination (the \"Potential Combination\").\n \n \n Reciprocal due diligence is now at an advanced stage and constructive discussions between Stagecoach and National Express are ongoing. The Boards of Stagecoach and National Express continue to believe that the Potential Combination would be a strategically compelling proposition delivering strong value creation for both sets of shareholders.\n \n \n National Express notes the recent announcement by Stagecoach stating that, in accordance with Rule 2.6(c) of the Code, the Board of Stagecoach has requested, and the Panel on Takeovers and Mergers (the \"Takeover Panel\") has consented to, an extension to the date by which National Express is required either to announce a firm intention to make an offer for Stagecoach in accordance with Rule 2.7 of the Code or to announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. Such announcement must now be made by not later than 5.00 p.m. (London time) on 14 December 2021. This deadline can be extended by the Board of Stagecoach, with the consent of the Takeover Panel, in accordance with Rule 2.6(c) of the Code.\n \n \n An announcement of a firm intention to make an offer on a recommended basis by National Express under Rule 2.7 of the Code remains subject to the satisfaction or waiver of a number of pre-conditions including, inter alia, the par...