Travel group Go-Ahead has dismissed a 650p a share offer for the group from Caisse des Depots-Developpement (C3D) and Rhone Capital as 'unwelcome and wholly inadequate'.
The offer was announced on Thursday, with Hawkpoint Partners, ING Barings and ABN Amro advising the bidders. Close Brothers Corporate Finance and Dresdner Kleinwort Benson are advisers to Go-Ahead.