National Express holds refi talks as takeover bid upped
Lenders to National Express have held talks with the private equity-backed consortium that is hoping to take over the UK-listed bus and rail company over a potential refinancing of the target’s £1bn of bank debt.
The CVC Capital Partners and Cosmen family consortium increased its bid to 500p a share, valuing the company at £765m, after the groups shareholders unanimously rejected 450p (£696m) on Friday.
It intends to fund the offer with equity, but National Expresss banking facilities contain change of control provisions
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