Increased Offer For National Express

National Express (NX) has received an increased takeover offer from its largest shareholder. The improved offer from the Spanish Cosmen family, backed by buy-out firm CVC, reportedly values NX at nearly £700 million - a value close to that which the board is thought to place on the business.

However NX directors are thought to be still canvassing other shareholders on whether to follow up on on the offer or go it alone and pursue a £350 million rights issue of new shares as an alternative strategy for reducing its £977 million debt mountain.