SMRT decides against takeover bid for London minicab operator

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SMRT said on Monday (Oct 13) it has decided against making a takeover bid for Addison Lee, London’s biggest minicab operator.

In a statement to the Singapore Exchange, SMRT said it had been approached by an investment bank on the possible sale of Addison Lee.

"Having considered the matter, the company has decided not to make a bid at this stage to acquire Addison Lee," the company said.

Last Saturday, Britain’s Sky News reported that the public transport operator was in the early stages of making a £800 million (S$1.6 billion) for the London firm.

Besides SMRT, private equity firms BC Partners, CVC Capital and Charterhouse were reportedly among the organisations making bids.