03 September 2009

NEG latest

The latest offer for the National Express Group (NEG) has been announced. Increasing its bid by 50p per share, the Spanish Cosmen family, who already own 18% of NEG, lead the consortium hoping to get its hands on the company. The consortium additionally comprises CVC Capital Partners.

The purchase has also interested Stagecoach, who had been spending time with an abacus in a certain exectutive's Scottish castle recently, deliberating on whether an all-out purchase would be something it would opt for.

Stagecoach today 'went official' stating that it would be willing 'in principle' to relieve the consortium of NEG's UK bus and rail operations, though not its coach company, should their bid of 500p per share be accepted. The total offered now is £765 million, which sent NEG's share price soaring by 13% today, indicating that many of its most influential shareholders may well be considering the sale.

Even Stagecoach wouldn't dare to purchase National Express coaches with their ever-growing Megabus network in full swing! The consortium has told NEG that its offer will not be increased. (GL)