LONDON (dpa-AFX) - The Boards of National Express (NEX.L) and Stagecoach (SGC.L) have reached agreement on the terms of a recommended all-share combination of National Express and Stagecoach. The holders of Stagecoach shares will be entitled to receive: 0.36 new National Express shares in exchange for each Stagecoach share. Following completion, Stagecoach shareholders will own approximately 25 percent and National Express shareholders will own approximately 75 percent of the combined Group on a fully diluted basis.
Ray O'Toole, Chairman of Stagecoach, will become Chairman of the Board of the combined Group. Ignacio Garat and Chris Davies, CEO and CFO respectively of National Express, will become CEO and CFO respectively of the combined Group.
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