National Express gets new approach

Thu Jul 23, 2009 12:07am BST
 
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(Corrects headline to approach, not offer)

LONDON (Reuters) - Bus and train operator National Express Group (NEX.L) said on Wednesday it was approached from an unnamed suitor after rival FirstGroup (FGP.L) ruled out a formal takeover offer for the company.

National Express said the approach was made after it revealed First Group's interest on June 29.

"The group subsequently received an approach in connection with a possible offer for the group from another third party whose intentions are not yet known," it said in a statement.

"There can be no certainty that this approach will lead to an offer being made for National Express or as to the terms on which any offer might be made."

It said a further announcement would be made when appropriate.

Analysts have said Stagecoach Group (SGC.L) is the most likely of the other UK transport operators to have an interest in National Express. Stagecoach declined to comment.

The Guardian newspaper said the unnamed bidder was understood to be a European private equity company.

Earlier, FirstGroup said it ruled out a formal takeover for National Express due to the uncertainties surrounding the latter's troubled UK rail division.   Continued...

 
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