The fast developing take-over battle for FTSE 250 bus, coach and rail operator, National Express (LSE: NEX) took another twist this morning, after rival Stagecoach Group (LSE: SGC) confirmed media speculation that it was considering an offer.
National Express first entered into the headlines when fellow FTSE 250 constituent, First Group (LSE: FGP) made an approach structured as an all-share merger. First Group pulled out shortly after however, just as the Cosmen family, which are the single largest shareholder in National Express, confirmed that they made an approach to acquire the company for cash, in partnership private equity group CVC Capital Partners.
Stagecoach gave little detail away, other than to confirm that it was considering its options.
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