Bus operator Rotala surges 43% as three board members plot buyout swoop
AIM-listed Rotala provides bus services and has operations at Heathrow Airport, in the West Midlands and in the North West
Shares in Rotala soared as three board members who own nearly 40 per cent of the UK bus operator moved to buy the entire company.
Chief executive Simon Dunn, alongside his father Bob Dunn, the managing director for the North West, and chairman John Gunn indicated they could make a possible offer of 63.5p for the shares they do not already own.
That would value the firm at £20million. Shares surged 42.8 per cent, or 18p, to 60p.
The AIM-listed company provides bus services and has operations at Heathrow Airport, in the West Midlands and in the North West.
A committee of independent directors has been formed to consider the possible bid and has told the three board members they ‘would be minded to recommend’ the offer to shareholders if one is formally tabled.
The trio have until the close of play on October 17 to announce whether they want to submit a bid.