Obviously the main operators will be unhappy, but that is not the main consideration. Surely we can't work on the basis that legislation passed nearly 30 years ago cannot be changed? Businesses have to deal with changing regulation all the time. That is part of the risk of private enterprise.
Stagecoach made a predictable press release at the time of the similar announcement from Labour:
http://www.stagecoach.com/media/news-releases/2014/2014-10-31.aspx
At the time we were wondering why there was so much focus on Manchester, but a few days later devolution for Greater Manchester was announced.
Presumably re-regulation will apply to the whole of GM.
A little disingenuous comparing the prices of the Stagecoach only bus ticket to the all-operator TfL bus+tram pass.