National Express says Stagecoach offer now final

National Express on Monday said it would not lift its offer for fellow transport operator Stagecoach.

The firms last year agreed a merger, but Stagecoach pulled the deal after agreeing to a new rival £595m cash offer from DWS Infrastructure compared with National Express’s all-share bid.

“National Express … considers the terms of its proposal to be full and fair and has decided that the terms will not be increased and are now final.”

It has said it will give 0.36 National Express shares in exchange for each Stagecoach share – an offer that was initially worth £370m, but has since increased to £490 as National Express’s share price rises.