Fresh bid for Nat Ex
NATIONAL EXPRESS has received a fresh takeover approach, believed to be from rival Stagecoach, following FirstGroup’s decision to pull out of a bid.
National Express declined to comment on the identity of the bidder, the structure of the deal or on what stage talks over a potential takeover had progressed to.
FirstGroup pulled out of its tentative bid for troubled National Express after failing to tempt its rival into constructive talks over a merger.
The transport company’s approach was rebuffed last month after it swooped on National Express in the wake of the East Coast Main Line debacle.
FirstGroup said it had received a “put up or shut up” deadline request from the Takeover Panel about renewing its offer and has subsequently decided to shelve its plans.
It added that any potential merger of the companies had to be “friendly and on a recommended basis to ensure the maximum benefits of a combination”.