A consortium comprising funds advised by CVC Capital Partners and interests of the Cosmen family has made a revised proposal to acquire the entire issued and to be issued share capital
A consortium comprising funds advised by CVC Capital Partners and interests of the Cosmen family has made a revised proposal to acquire the entire issued and to be issued share capital of UK rail operator National Express for 450 pence per share in cash.
The independent board of National Express is evaluating the consortium’s revised proposal and a further announcement will be made when appropriate.
The board continues to explore a range of options to accelerate the reduction of the group’s borrowings in a way that will create value for all National Express shareholders. It has been discussing a potential equity fundraising with investors should a recommendable offer not be forthcoming.
As required by the Takeover Code, National Express confirms that this announcement is not being made with the agreement or approval of the consortium.
Jorge Cosmen, non executive deputy chairman of National Express, has not taken part in any independent board discussions relating to the consortium’s approach.
