National Express rejects bid from rival - FT
LONDON, June 29
LONDON, June 29 (Reuters) - British train and bus operator National Express Group Plc (NEX.L) has rejected an unsolicited takeover bid from rival FirstGroup Plc (FGP.L), the Financial Times reported on Monday, without citing sources.
The group is currently seeking to renegotiate the terms of its expensive East Coast rail franchise between London and Edinburgh and is also trying to reduce a debt pile that stood at 1.18 billion pounds ($1.95 billion) at the end of December.
It is expected to update the market on talks with the government over the East Coast when it releases a trading statement on Wednesday.
Transport Secretary Lord Adonis has previously ruled out any changes to the franchise.
No one at National Express or FirstGroup was immediately available for comment on the reported takeover bid. ($1=.6052 Pound) (Reporting by Victoria Bryan; Editing by Phil Berlowitz)
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