re BID "close to agreeing"10 Sep 2009 15:09
http://in.reuters.com/article/privateEquity/idINWLA313520090910
LONDON, Sept 10 (Reuters) - Britain's National Express (NEX.L: Quote, Profile, Research) is close to agreeing a $1.3 billion takeover from a consortium including its largest shareholder, a source familiar with the situation told Reuters.
The source said the proposed value of 500 pence-a-share from Spanish shareholder the Cosmen family and CVC Capital Partners was "not a stumbling block", but the two sides were yet to agree the level of due diligence to be granted in the event of a deal.
"National Express is minded to agree a deal," the source said, while the company declined to comment.
The Cosmen-CVC consortium must make a formal bid by Friday or walk away from a deal.
(Reporting by John Bowker, Editing by Kate Holton)