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National Express shares in demand

It has been a rollercoaster period for National Express shareholders with a potential bidder walking away after months of negotiations, the company's bankers increasing pressure and last week we saw Stagecoach emerge as a possible merger partner. However, National Express directors stand accused by some in the city of attempting to "ramp up" the share price ahead of a planned rights issue next week, which many believe could be used as a way to flush out any other potential bidders.



It is common knowledge that Stagecoach, and Brian Souter, is looking at an all share merger and indeed the company has approached the National Express board of directors about further discussions. There is no doubt the two companies would make a perfect fit, assuming that regulators would not block the bid, but whether the deal will actually go through in the end remains to be seen.



It has been obvious to many analysts for some time that National Express is literally a "sitting duck" with little or no defence against a potential merger or takeover bid due in the main to the way the company has been run over the last few months and the large debt pile. The issue will have to come to a head in the short-term because quite literally the company's bankers are leaning on the directors to sort out the financial mess as soon as possible.

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