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National Express said today that it was considering its options following news yesterday that a rival suitor has made a higher offer for Perth-based Stagecoach.

The National Express bid, which had been backed by the board of Stagecoach last December, valued the Scottish company at around £437million.

But global investor DWS Infrastructure has now come forward with a £595million offer.

National Express released its annual results this morning, when it said: "National Express notes the announcement of a counter-offer for Stagecoach. The board of National Express is considering its options and will update the market in due course."

National Express is a transport provider with services in the UK, Continental Europe, North Africa, North America and the Middle East.

The Press and Journal has revealed that a DWS takeover will lead to Stagecoach founders Sir Brian Souter and his sister Dame Ann Gloag becoming nearly £150million richer.

Sir Brian, 67, currently owns 14.54% of Stagecoach, putting him in line for about £86.5million. Dame Ann has a 10.46% stake in the business, worth more than £62.2million.

DWS currently has assets under management worth more than £770billion. It already has a number of long-term infrastructure investments in the UK. These include Yorkshire Water owner Kelda and Peel Ports, as well as stakes in other European transport groups, including Belgian public bus operator Hansea.

News of its move sent shares in Stagecoach rocketing more than 37% yesterday.

FTSE 100

Meanwhile, the UK's top share index jumped by more than 3% yesterday as global market rebounded. The FTSE 100 finished the session up 226 points at 7,190.

However, the index was down 31 points at 7,159 shortly after trading restarted this morning.

Companies reporting today 

  • Finals: Balfour Beatty, Capita, Hill & Smith Holdings, Just Group, National Express Group, Savills, Spirax-Sarco Engineering, Spirent Communications
  • Interims: Volution Group
  • Trading update: DS Smith

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