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 conditions. The 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 shareholders. This 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

 

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