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National Express (NEX)

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Friday 16 October, 2009

National Express

Statement re Possible Offer

RNS Number : 8851A
National Express Group PLC
16 October 2009
 



16 October 2009  


National Express Group PLC


Statement regarding possible offer

The Board of National Express Group PLC ("National Express" or the "Group") notes the announcement by CVC Capital Partners and interests of the Cosmen family (together the "Consortium") that it has decided not to make an offer for National Express. 

The Group has a strong portfolio of businesses and continues to perform resiliently despite challenging trading conditionsThe Board believes that National Express has a strong future as an independent listed company, offering a compelling investment case building on the strength of its individual businesses. 

As previously announced, the Board believes that strengthening the Group's balance sheet through an equity fundraising is now the most appropriate course of action and is a key objective in order to unlock the inherent value of the Group for all shareholdersThis will provide the Group with a strong, stable platform to deliver sustainable and profitable growth.

The Cosmen family has now confirmed its intention to support the Group's plans to undertake an equity fundraising within certain parameters that the Cosmen family has communicated to the Board of National Express.


The Board is consulting with its major shareholders and a further announcement in connection with the potential equity fundraising will be made as and when appropriate.


Enquiries:


National Express Group PLC 
020 7506 4324 
Jez Maiden
Group Finance Director
 
Nicole Lander
Director of Communications
0121 460 8401 
 
 
Maitland
020 7379 5151 
Neil Bennett
 
George Hudson
 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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