It’s a tough time to be caught trying to make a bid - just ask Kelsian Group.
It’s been one way traffic for the bus and ferry operator’s shares since it was outed as a bidder for London-listed Go-Ahead, making it harder for the group to topple Aussie rival Kinetic and bid partner Globalvia.
Kelsian would likely need to raise equity to make a $1 billion-plus cash bid, and had been spending time with institutional investors in recent months to make sure they understood its global growth ambitions in case it needed to pull the trigger.
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