Transport firm rival may want to merge
Source: Agencies |
October 20, 2009, Tuesday
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Print Edition
Print Edition
STRUGGLING British transport firm National Express Plc said yesterday it had received a preliminary approach about a possible merger from rival Stagecoach Group Plc.
The announcement came after a potential bidder for National Express pulled out.
Last Friday, a consortium headed by Spain's Cosmen family said it would not make an offer for National Express. Shares in the bus and rail operator slumped by almost 30 percent on the news.
National Express said it would consider Stagecoach's "highly preliminary" proposal for an all-share transaction in which National Express shareholders would hold no more than 40 percent of the enlarged group.
Stagecoach confirmed the approach, adding that "there can be no certainty either that an offer for National Express will be forthcoming or as to the terms of any such offer, save clearly that any offer would require the recommendation of the National Express Board."
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