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Article: United States : National Express Ends Talks With Stagecoach.
- Article from:
- TendersInfo
- Article date:
- October 30, 2009
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Byline: rakshali03
National Express Group PLC (NEX.LN) Thursday said it has abandoned merger talks with rival bus and rail operator Stagecoach Group PLC (SGC.LN) so it can focus on an equity fundraising by the end of the year to help reduce its debt.
The decision comes less than two weeks after a consortium led by private-equity group CVC Capital Partners decided against making a binding GBP765 million offer for National Express.
Investors headed for the exits. At 1131 GMT, National Express shares plunged 35 pence, or 9.6%, to 330 pence, making it the biggest loser in the FTSE 250 index, which traded up 0.8%. The stock has dropped by almost ...