Express & Star

Deadline for offers to buy bus group Rotala - which operates Diamond - extended again

The deadline for an offer to be received to buy bus group Rotala, which operates Diamond Bus in the West Midlands, has been extended.

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A trio of directors of Tividale-based Rotala now have until 5pm on December 12 to announce a firm intention to make an offer.

Simon Dunn, Bob Dunn and John Gunn, its chief executive, managing director - North West, and non-executive chairman respectively have been preparing a possible offer of 63.5p per share.

A committee of independent directors has been formed to consider the proposal.

The original deadline was October 17 and this was later extended to November 14

Discussions between the director offerors and the independent directors have continued.

The independent directors have requested and the Panel on Takeovers and Mergers has consented to, the further extension.

The proposal offer would value the listed business at about £19.7 million.

Rotala was formed in 2005 and has grown through buying coach and bus operations around the country.