FT Alphaville » Cosmen

Cosmens raise NatEx stake

Gwen Robinson — Tue, 24 Nov 2009 04:32:03 +0000

The Cosmen family, the biggest shareholder in National Express, has increased its shareholding in the UK transport group ahead of a Friday vote that will decide whether NatEx’s £360m rights issue goes ahead. Jorge Cosmen, deputy chairman, opposes the cash-raising exercise, warning it should only proceed in conjunction with a refinancing, possibly including the sale of some NatEx assets. The Cosmens on Monday bought an additional 750,000 shares in the company, raising the stake to 19.46% after increasing its holding to 18.96% on Friday.

Continue reading: Cosmens raise NatEx stake

Stagecoach move revives NatEx

Gwen Robinson — Tue, 20 Oct 2009 03:49:25 +0000

National Express, the debt-laden UK bus and rail operator, will decide on a merger proposal from rival Stagecoach within the next few days, after its board met on Monday. Stagecoach has proposed that NatEx take up to 40% of a merged group, estimated to be worth £1.7bn. NatEx said it remained open to an agreement although it would proceed with plans for an emergency rights issue. Its shares rose 10% to 400p on Monday, after diving almost 30% on Friday when a consortium led by Spain’s Cosmen family abandoned a £765m offer that valued the group at 500p a share.

Continue reading: Stagecoach move revives NatEx

NatEx, Stagecoach in bid clash

Gwen Robinson — Mon, 19 Oct 2009 03:48:45 +0000

A war of words broke out on Sunday night between National Express and rival UK transport group Stagecoach as doubts grew about the future of the troubled rail and bus operator. Stagecoach, which decided against bidding for NatEx in September as the Spanish Cosmen family pursued a bid, said on Sunday it had been approached by NatEx about a £1.7bn bid. But NatEx earlier said it had been the one to be approached – which could mean that Stagecoach violated UK Takeover Panel rules by approaching NatEx.

Continue reading: NatEx, Stagecoach in bid clash

Consortium backs off NatExpress

Gwen Robinson — Fri, 16 Oct 2009 03:51:12 +0000

The Spanish-led consortium bidding for National Express is set to withdraw its £765m takeover offer for the UK bus and rail operator, dealing a blow to the company’s biggest shareholder. Buy-out firm CVC, and the Cosmen family, which owns an 18.5% stake, faced a Friday deadline for a formal bid for National Express, following the UK Takeover Panel’s move to extend its “put up or shut up” deadline from Sept 11. But the consortium is understood to have had concerns over the terms of the refinancing of NatExpress’s borrowings, including a £490m loan maturing in September 2010.

Continue reading: Consortium backs off NatExpress

New delay sought on NatExpress

Gwen Robinson — Mon, 12 Oct 2009 03:42:53 +0000

The Spanish-led consortium bidding for UK rail and bus operator National Express is seeking an extension of the official deadline for making its bid, worth £765m, which expires at 5pm on Friday. The UK Takeover Panel has already extended the “put up or shut up” deadline from Sept 11. But the Spanish Cosmen family, which owns an 18.6% stake in National Express, and US buyout group CVC are expected to ask for a third extension to enable more due diligence.

Continue reading: New delay sought on NatExpress

NatExpress bid hurdle cleared

Gwen Robinson — Thu, 10 Sep 2009 03:59:26 +0000

The board of National Express on Wednesday night paved the way for a £765m takeover of the British bus and rail group after it agreed to allow a consortium comprising its largest shareholder to examine its books. The move could eventually see NatExpress broken up between its rival Stagecoach, Spain’s Cosmen family, which owns 18.5% of NatExpress, and buyout firm CVC Capital. The consortium last week raised its indicative cash offer for NatExpress to 500p a share from the spurned 450p offer.

Continue reading: NatExpress bid hurdle cleared

Spanish group raises NatExpress offer

Gwen Robinson — Fri, 04 Sep 2009 04:09:37 +0000

The consortium bidding for troubled UK bus and train operator National Express on Thursday increased the cash on offer by more than 10% to 500p a share or £765m and resolved several issues surrounding Stagecoach Group’s planned takeover of NatExpress’s rail business. The shareholders felt the previous offer by the consortium of Spain’s Cosmen family and CVC Capital Partners – of 450p a share, valuing the equity at £696m – undervalued the company. NatExpress shares jumped 54p or 13% to 465p.

Continue reading: Spanish group raises NatExpress offer

National Express pushes Stagecoach

Gwen Robinson — Tue, 28 Jul 2009 03:48:58 +0000

National Express, the indebted UK bus and rail operator at the centre of a takeover battle, sought to regain the initiative on Monday by demanding details of plans from a Spanish-led consortium and potential bidder Stagecoach. The move suggests that National Express remains open to a bid by the consortium – made up of its largest shareholder, the Cosmen family, and buyout firm CVC – but that it is concerned about the conditions attached.

Continue reading: National Express pushes Stagecoach

UK’s National Express set to reject bid

Gwen Robinson — Mon, 27 Jul 2009 03:59:14 +0000

Troubled UK transport group National Express is this week set to reject a takeover bid from Spain’s Cosmen family and CVC private equity group, rebuffing an approach that was expected to value the group at more than £500m. National Express will argue at its interim results on Thursday that its plans for an independent future, including cutting costs and paying down debt, offer better value than either of the preliminary approaches it has received.

Continue reading: UK’s National Express set to reject bid