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Britain's Go-Ahead attracts takeover approaches from two suitors

·1-min read
A Go Ahead bus crosses Westminster Bridge in London

(Reuters) -British transport operator Go-Ahead said on Monday it had received two separate takeover approaches at a price it planned to recommend to shareholders if the potential suitors tabled a firm offer, sending its shares nearly 20% higher.

The two bidders - Australia-based transport service provider Kelsian Group Ltd, and a consortium of Australia's Kinetic Holding Company and Spain-based transport infrastructure management firm Globalvia Inversiones - have been given access for due diligence, the London-listed firm said.

Shares in the company climbed nearly 20% to 1,446 pence by 0854 GMT - hitting a more than one-year high after the news. Its market value stood at 522.4 million pounds ($638.16 million) as of Friday's close.

Go-Ahead, which runs more than 6,000 buses in England and Britain's largest passenger rail contract, becomes the latest UK transport takeover target after FirstGroup and StageCoach.

The proposals, whose values were not disclosed, have come weeks after the company said it planned to expand its transport operations and reinstate its pre-COVID-19 dividend policy after a months-long strategic review.

($1 = 0.8186 pounds)

(Reporting by Amna Karimi in Bengaluru; Editing by Rashmi Aich and Shailesh Kuber)

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