DWS has put a new offer on the table for U.K. bus operator Stagecoach Group, besting a previous unsolicited takeover offer from rival National Express.
According to numerous news reports, Stagecoach has agreed to DWS’ £595 million ($782 million) cash bid, which is significantly higher than National Express’s bid that valued Stagecoach at £445 million ($585 million).
Stagecoach shareholders have reportedly accepted DWS’ bid.
“DWS is a very serious player and a worldwide global asset manager and a big pan-European infrastructure player,” said Martin Griffiths, CEO of Stagecoach. “They were interested in the U.K. and passionate about this space and see long-term opportunity in infrastructure-related assets.”
