I'm just surprised at the number of potential MBO's, even the latest rumours surround Worcester are now MBO instead of NX.
Even Rotala know they need to be bigger to keep pace with the changing transport market going forward, i.e. continued budget cuts / falling passenger numbers / congestion & Euro 6 / clean air zones springing up left right & centre. that's why they're setting aggressive turnover targets of £300 million within 5 years. We all know there are independents that would like to sell out, but cannot get the asking price they desire, plus the number of potential operations for sale from the big groups is at it's highest level for some time. Unfortunately for First, it's a buyers market.....
Stagecoach is merely constrained by it's existing market share, but they may be ways around that using Souter Investments as a acquisition vehicle, Brain doesn't own a controlling stake in Stagecoach, he only owns 15%. Threadneedle Asset Management Ltd own more at 18% and are also now First Groups largest shareholder as well.
Regarding NX UK expansion, they have made acquisitions with in coaching in recent years i.e. Kings Ferry / Clarkes & Stewarts/Woods, plus very recently taken on 400 break vans with the ATG ops including Ring & Ride, so they are looking at UK expansion if terms are right. I still wouldn't rule them out for Glasgow & FWY