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2025-02-02 09:50 RNS Number : 5709V National Express Group PLC 14 December 2021 Recommended All - Share Combination NOT FOR RELEASE , PUBLICATION OR DISTRIBUTION , IN WHOLE OR IN PART , IN OR INTO ANY RESTRICTED JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION . THE FOLLOWING ANNOUNCEMENT IS AN ADVERTISEMENT AND NOT A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT AND INVESTORS SHOULD NOT MAKE ANY INVESTMENT DECISION IN RELATION TO THE NEW NATIONAL EXPRESS SHARES EXCEPT ON THE BASIS OF THE INFORMATION IN THE SCHEME DOCUMENT , THE PROSPECTUS AND THE CIRCULAR WHICH ARE PROPOSED TO BE PUBLISHED IN DUE COURSE . THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION . FOR IMMEDIATE RELEASE . Recommended All - Share Combination of 14 December 2021 National Express Group PLC ( " National Express " ) and Stagecoach Group PLC ( " Stagecoach " ) 1 . 2 . Summary The Boards of National Express and Stagecoach are pleased to announce that they have reached agreement on the terms of a recommended all- share combination of National Express and Stagecoach , to be effected by means of a court sanctioned scheme of arrangement of Stagecoach under Part 26 of the Companies Act 2006 ( the " Combination " ) . The Combination will create a leading multi - modal transportation provider in the UK market , whilst maintaining a diversified international portfolio of bus , coach and rail services . The Combined Group is expected to have a fleet of around 40,000 vehicles , a workforce of approximately 70,000 people , and with more than a billion passenger journeys made annually on its services . The Boards of National Express and Stagecoach believe that the Combination is a highly compelling strategic proposition , with significant growth and cost synergies delivering strong value creation for both sets of shareholders as well as substantial benefits to the customers , employees and other stakeholders of both National Express and Stagecoach . Key Terms Under the terms of the Combination , holders of Stagecoach Shares will be entitled to receive : 0.36 New National Express Shares in exchange for each Stagecoach Share https://tools.eurolandir.com/tools/Pressreleases/GetPress Release / ? ID = 4009956 & lang = en - GB & companycode = uk - nex & v = 2021 1/58