Go-Ahead surged on Monday after the transport operator said it had received two separate takeover approaches at a price it would be minded to recommend if offers were made.
Approaches were made by Australian transport service provider Kelsian Group and by a consortium consisting of Kinetic Holding Company and Globalvia Inversiones.
Go-Ahead said it had carefully evaluated the approaches from each party with its financial adviser, Rothschild & Co.
“Following the response by the board of Go-Ahead to their respective approaches, Kelsian and the consortium each submitted a series of revised proposals,” it said.
“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.”
Both parties have been given access to undertake confirmatory due diligence and Go-Ahead said a further announcement will be made if and when appropriate.
At 0950 BST, the shares were up 19% at 1,441.41p.
