Australia’s largest bus operator and its Spanish partner have had to double their special dividend offer, to keep pace with a surging share price.
| Australia’s biggest bus operator, Kinetic, has again beefed up its joint bid for London-listed transport conglomerate Go-Ahead, doubling the special dividend to try and get the deal over the line.
That offer was 975 pence per share, a premium of more than 40 per cent to Go-Ahead’s then share price. The latest offer is 1450 pence a share plus a special dividend of 100 pence per share, up fromThe Go-Ahead board had also endorsed the June 14 offer from Kinetic, but the Go-Ahead share price jumped on that day and has largely sustained that gain.
Another source of price tension has been the potential interest of other suitors in Go-Ahead, and in British transport operators more generally.to acquire Go-Ahead, which also operates bus services in Ireland and Singapore and rail services in Britain, Norway and Germany.following revelations of its discussions with Go-Ahead.
It is already the biggest mass transit operator in Australia and New Zealand, with 53 bus contracts from 56 depots from Cairns to Hobart and Auckland to Dunedin. Kinetic plans to combine British and Australian expertise on electrification to shift buses away from diesel. Go-Ahead already has more than 200 electric buses, and Kinetic plans to have a similar amount by next year.that Britain was several years ahead of Australia in deploying electric buses, but Australia had more recent technology and batteries that lasted longer.
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