National Express heading for buffers after derailed bid?

Shares in struggling train and bus operator National Express plunge 30% as £765m bid falls through.

The bid – led by private equity group CVC and the Spanish Cosman family, which already owns 18.5% of the firm – was due to be formalised today, but was unexpectedly withdrawn at the eleventh hour.

The failure of the bid marks the end of a summer that National Express’s directors, employees and shareholders would probably prefer to forget. It’s expensive, pre-recessionary deal to run the East Coast Main Line route came a cropper when the downturn hit revenues, costing it £20m in the first six months of 2009 alone. It’s now been stripped of the franchise (or handed it back, depending on who you believe) five years early.

Sign in to continue

Sign in

Trouble signing in?

Reset password: Click here


Call: 020 8267 8121



  • Up to 4 free articles a month
  • Free email bulletins

Register Now

Get 30 days free access

Sign up for a 30 day free trial and get:

  • Full access to
  • Exclusive event discounts
  • Management Today's print magazine

Join today