National Express considers improved takeover offer
National Express Group Plc, the British travel company, is mulling-over an increased takeover offer worth about £700 million from its biggest shareholder Spain's Cosmen family.
The National Express board has been weighing up numerous options including Cosmen family's offer as it trying hard to trim down its burden of debts worth £977 million.
National Express has asked its shareholders regarding their choice between a rights issue of £350 million and the current takeover offer.
Spain's Cosmen family, which possesses 18.5 per cent of National Express, has been working with buy-out firm CVC on the prospective deal.
At present, Jorge Cosmen is the deputy chairman of the National Express, which operates in Spain, UK and North America.
The Cosmen-CVC consortium has time until Sep. 11 to make a firm offer or walk away.
Shares in National Express jumped over 6 per cent in the recent trading.