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National Express today formally rejected a £1.7 billion takeover from its largest shareholder, the Cosmen Spanish bus family, in league with the private-equity firm CVC.
The offer at 450p a share “fundamentally undervalues” National Express, said chairman John Devaney. A pall has hung over National Express since it was sacked from the King's Cross-East Coast Main Line franchise. City chat suggests rival Stagecoach could be ready to offer 475p a share.
