Author Topic: Cosman makes bid for National Express Group  (Read 5963 times)

Offline Cheltonian

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Cosman makes bid for National Express Group
« on: July 24, 2009, 10:34:43 AM »
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Offline Cheltonian

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Re: Cosman makes bid for National Express Group
« Reply #1 on: July 28, 2009, 04:02:28 PM »
According to tonight's Evening Telegraph " A spokesman for Stagecoach said it had joined the bidding for National Express after confirming it was in talks to join a spanish-led consortium chasing the transport group. The spokesman said 'Further to recent speculation, the board of Stagecoach confirms that it is considering its options in relation to National Express."
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Offline Cheltonian

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Re: Cosman makes bid for National Express Group
« Reply #2 on: July 30, 2009, 12:28:34 PM »
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Offline Cheltonian

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Re: Cosman makes bid for National Express Group
« Reply #3 on: August 10, 2009, 11:20:04 AM »
An article in one of the papers at the week-end stated that National Express have rejected the Cosman bid. However, Stagecoach then submitted a bid of their own, with the possibility of selling parts of National Express Group to Cosman.

National Express Group have now challenged Stagecoach to 'put up or shut up'.

Under financial law, once a hostile bid has been made for a company, the company can challenge the bidder to complete the bid by a certain date. If the bid is not completed, then the bidder is not allowed to make another bid within the next six months, unless there is a significant change to the circumstances.

National Express used this tactic with First Group, and First Group withdrew their bid. However, there has been a significant change from the time the bid was made by First Group, in that National Express Group have given notice on the East Coast Main Line.
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Offline Cheltonian

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Re: Cosman makes bid for National Express Group
« Reply #4 on: September 28, 2009, 09:49:01 AM »
Cosman were given another three weeks on Friday to complete the deal.
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Offline Derrick Pancel

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Re: Cosman makes bid for National Express Group
« Reply #5 on: October 16, 2009, 12:12:31 PM »
From the online version of the Cambridge Evening News: http://www.cambridge-news.co.uk/cn_news_national/?storyid=B37926931255673574A0

Offline TCD813

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Re: Cosman makes bid for National Express Group
« Reply #6 on: October 17, 2009, 07:05:23 AM »
From the Guardian:
National Express shares slump as Spanish backers scrap takeover bid

Quote from: Terry Macalister, guardian.co.uk, Friday 16 October 2009 16.11 BST
Shares in National Express plunged nearly 30% to 339p after the rescue deal was ditched by the Cosmen family of Spain and its partners, rival rail company, Stagecoach, and private equity house, CVC Capital Partners.
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Offline Cheltonian

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Re: Cosman makes bid for National Express Group
« Reply #7 on: October 19, 2009, 08:49:20 AM »
There was a breaking news story on 'Breakfast' this morning that stated National Express has invited Stagecoach to make a bid for all, or parts of the National Express Group.
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Offline TCD813

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Re: Stagecoach makes bid for National Express Group
« Reply #8 on: October 19, 2009, 09:24:19 AM »
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Offline Bob

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Offline TCD813

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Re: Cosmen family & National Express Group
« Reply #10 on: October 29, 2009, 03:28:44 PM »
« Last Edit: October 31, 2009, 02:52:09 PM by TCD813 »
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Offline TCD813

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Re: Cosman makes bid for National Express Group
« Reply #12 on: October 30, 2009, 11:55:13 AM »
That's pretty strong!

Quote from: Statement from Cosmen family regarding NatEx, Released: 30/10/2009
We are concerned that there has not been a sufficiently full and thorough assessment of all the available options to address the Company's short and longer-term challenges, and, in particular, of Stagecoach Group plc's merger proposal, an option that could have addressed the fundamental financial and strategic issues facing the Company...
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.
« Last Edit: October 30, 2009, 02:54:23 PM by TCD813 »
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Offline TCD813

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Re: Cosmen family & National Express Group
« Reply #13 on: October 30, 2009, 03:14:14 PM »
« Last Edit: October 31, 2009, 02:49:22 PM by TCD813 »
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Offline TCD813

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Re: Cosmen family & National Express Group
« Reply #14 on: October 31, 2009, 02:48:36 PM »
When you look at the 3-year chart for the NatEX share price:


(Source: Thomson Reuters in http://www.guardian.co.uk/business/nationalexpressgroup)

And at the monthly figures:


(ibid)

You can see what the Cosmens are griping about.
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Offline barryb

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Re: Cosman makes bid for National Express Group
« Reply #15 on: October 31, 2009, 10:05:06 PM »
National Express has an awkward future.

They incur a lot of additional expenses because they oversee a network, but I'd hazard a guess that most journeys are point to point because the way they advertise it's hard to know what places sensible connections are available to.

Road congestion is such that no matter how hard they try, their product can usually never be the most desirable way of travelling to any major destination served by rail.  On longer distance services and Eurolines in particular, they must have taken a hammering from low cost airlines (48 hours on a bus with two changes at random places in Europe you don't wanna see, or 4 hours on a flight?  Oh yeah, and the flight's a lot cheaper...)

Air travel has brought the flip side that in recent years they have found great rewards bumping up services to airports (which tend to lack decent rail connections).  With airport services they have a better change of being the best way of getting to that place, have had an expanding market without competition from rail (which has to be slow to react to changes in destinations), haven't had that much competition from other operators (like Megabus), and have been able to attract premium fares.  However not only is this market is now declining, but other people seem to have finally cottoned on to it.

So where does National Express's market fit in?

Then there's their business model.  They are effectively a virtual bus company; they own nothing.  Upside: very adaptable and flexible.  Downside; all the people that run the buses for them could decide to do it for themselves, ...
« Last Edit: October 31, 2009, 10:09:42 PM by barryb »

Offline Julia_Hayward

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Re: Cosman makes bid for National Express Group
« Reply #16 on: November 01, 2009, 01:20:24 PM »
NatEx do seem to have been taking on more work themselves recently - some of my older fleetlists show just a couple of nominal vehicles (presumably needed to maintain an O-licence?), but now they have a steady stream of vehicles coming in. It seems to have coincided with the introduction of the Levante. That must be a strain on the cash flow... at the same time you have Stagecoach (Megabus) and First (Greyhound) diving in to the most profitable routes.

Having spent an hour at MK Coachway thanks to waiting for a broken-down B9R, I got a feeling for how the people who use NatEx seem to be resigned to delays, no information when things go wrong (not even a vague estimated arrival time, or a paper timetable to check for alternative services), and minimal staff on the ground who simply seem to wander about with clipboards. I pity anyone who has to change there. Clearly the only advantage they have on other modes of transport is the price.

Offline TCD813

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Re: Cosman makes bid for National Express Group
« Reply #17 on: November 01, 2009, 05:35:48 PM »
TCD813? The reg of a Southdown Motor Services, Northern Counties bodied, Leyland Titan PD3/4 FH39/30F (popularly dubbed 'Queen Mary') from the late 50s.
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Offline TonyMaxwell

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Re: Cosman makes bid for National Express Group
« Reply #18 on: November 01, 2009, 05:56:27 PM »
I can remember the days when National Express issued a comprehensive timetable showing all services and connections throughout England and Wales and cross-border services into Scotland.   I used to travel around country using NatEx (little away breaks).  Can't do that now as there is no comprehensive timetable to plan journeys.
Cheers,

Tony