Bus operator Rotala surges 43% as three board members plan a buyout
AIM-listed Rotala offers bus services and operates at Heathrow Airport, in the West Midlands and in the North West.
Rotala shares soared when three board members who own almost 40 percent of the UK bus operator decided to buy the entire company.
Chief executive Simon Dunn, along with his father Bob Dunn, North West chief executive, and chairman John Gunn have indicated they could make a possible bid of 63.5p for the shares they do not already own.
That would value the company at £20m. The shares rose 42.8 per cent, or 18p, to 60p.
The AIM-listed company offers bus services and operates at Heathrow Airport, in the West Midlands and in the North West.
A committee of independent directors was formed to consider the potential offer and told the three board members they “would be willing to recommend” the offer to shareholders if it is formally presented.
The trio has until close of play on October 17 to announce whether they want to submit a bid.