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The deputy chairman of National Express, Jorge Cosmen, was outed today as the mystery bidder for the stricken train and coach group.
As revealed by the Evening Standard, the Cosmen family, who own nearly fifth of National Express have put an offer together for the rest of the company and have enlisted private-equity firm. CVC
Best-known for owning Formula 1 and the AA and Saga groups, CVC said it and Cosmens have together put forward an all-cash indicative offer. No price was disclosed but the value of a total offer would be £1.7 billion — the value of National Express's equity at the 400p analysts think should be offered, plus its £1.2 billion debt pile.
The news sent National Express shares racing up 301⁄2p to 354 1⁄2p. That extends the stock's rally to 35% since its slump last month when Transport Secretary Lord Adonis sacked the firm from its King's Cross train franchise. He also threatened to sack it from Liverpool Street, and on the same day National Express chief executive Richard Bowker walked out on the company.
Despite Jorge Cosmen sitting on its board, National Express had previously put out a statement saying it had received an approach from a “party whose intentions are not yet known”.
It is believed Cosmen wants to take control of National Express's extensive bus and coach interests in Spain, most of which were formerly owned by the Cosmen family
Despite having no previous experience in the sector, that would leave CVC with the National Express nationwide coach brand and a West Midlands bus business.
National Express train companies, which also include Fenchurch Street, look set to go out to tender.
