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Largest National Express investor canvasses shareholders

Source: The Guardian

Nov 02, 2009

Summary

• Cosmen family seeks independent advice after failed Stagecoach merger
• The company is now seeking to raise £350m

National Express's biggest investor, the Cosmen family, has been canvassing fellow shareholders to see if they concur with its opinion that a fresh strategic review for the transport operator is required and that it should be led by new, independent advisors.

The indebted UK bus operator called off merger talks with Stagecoach last week and is now forging ahead with a £350m fundraising. In a statement issued on Friday, the Cosmens, who own nearly 19% of its shares, said National Express had failed to consider all its options, making particular reference to the board's swift rejection of the Stagecoach deal which was valued at up to £2bn by analysts.

"We are greatly concerned that the board risks losing further value for all shareholders by not keeping the company's options open and we would urge the board to seek independent financial and legal advice to assist it in this review process," said the statement. The Spanish family, who sold their compa

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