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29/06/2009
National Express Reject Takeover Bid
British train and bus operator, National Express, has rejected a takeover bid from rival FirstGroup Plc, it has been reported.
The debt-ridden group said it did not consider it appropriate to enter into talks with its larger suitor "at present".
National Express has £1.2 billion debt and the future of the company has been called into question, after the government refused to renegotiate the terms of its East Coast rail franchise between London and Edinburgh – the most expensive in the industry.
FirstGroup today confirmed it had made a preliminary approach to the board of National Express about the potential of making an all-share offer for its rival but that this approach was rebuffed.
In a statement, National Express said: "At the present time, the board is focused on implementing a number of initiatives to strengthen the Group and does not consider it appropriate to enter into discussions with FirstGroup."
National Express is contracted to pay the government £1.4bn to run the East Coast Mainline, which runs between Edinburgh and London, until 2015.
However, sales at the franchise grew by just 0.3% in the first three months of 2009, compared with 9% over the whole of last year.
National Express is due to release a trading update on Wednesday.
(JM/BMcc)
The debt-ridden group said it did not consider it appropriate to enter into talks with its larger suitor "at present".
National Express has £1.2 billion debt and the future of the company has been called into question, after the government refused to renegotiate the terms of its East Coast rail franchise between London and Edinburgh – the most expensive in the industry.
FirstGroup today confirmed it had made a preliminary approach to the board of National Express about the potential of making an all-share offer for its rival but that this approach was rebuffed.
In a statement, National Express said: "At the present time, the board is focused on implementing a number of initiatives to strengthen the Group and does not consider it appropriate to enter into discussions with FirstGroup."
National Express is contracted to pay the government £1.4bn to run the East Coast Mainline, which runs between Edinburgh and London, until 2015.
However, sales at the franchise grew by just 0.3% in the first three months of 2009, compared with 9% over the whole of last year.
National Express is due to release a trading update on Wednesday.
(JM/BMcc)
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