Go-Ahead bidders add another £22m to their offer to give takeover of transport giant the final push

The bidders planning to buy transport operator Go-Ahead Group have upped their offer by more than £20m.

Australian bus network Kinetic and Spanish transport firm Globalvia agreed to take over Go-Ahead in June for around £647m.

But the consortium of investors raised their takeover bid by £22m to about £669m today despite not having any competing suitors.

In July, Australian bidder Kelsian dropped out of the race to buy Go-Ahead after falling share prices in Australia forced the group to withdraw its offer.

Michael Sewards, co-chief executive of Kinetic, and Javier Perez Fortea, chief executive of Globalvia, said: “This transaction will create a leading global, multi-modal, mass transit platform and unlock value for all stakeholders.”

The increased offer comes on the same day Go-Ahead’s major shareholders – including abrdn, Schroder and M&G – publicly supported the takeover for the first time.

Go-Ahead is the latest UK transport giant to be taken over by foreign investors.

Rival coach company National Express was snatched underneath National Express by German asset manager DWS Infrastructure in March while First Group’s US suitor I Squared was given until 18 August to make a firm offer, City A.M. reported.