SMRT scraps $1.6b takeover bid for British taxi firm Addison Lee

The firm is London’s largest minicab operator.

Public transport operator SMRT Corporation today dismissed media reports that it is mulling a $1.6b takeover for British taxi operator Addison Lee.

Addison Lee, London’s biggest minicab operator, is being put up on sale by Carlisle Group, its private equity owner.
SMRT affirmed that it has been approached by an investment bank for a potential takeover of Addison Lee.

“The Company is constantly looking out for investment opportunities that contribute to sustainable growth for its stakeholders. In this regard, the Company was 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,” SMRT clarified in a statement to the SGX.