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LONDON, Aug 28 (Reuters) - Main shareholders in the British
bus and rail operator National Express
The debt-laden transport company said on Thursday that it has received an all-cash offer worth about 600 million pounds ($972 million) from a group led by its Spanish main shareholder.
The consortium, which includes 18.6 percent-shareholder the Cosmen family and private equity group CVC Capital Partners, had made a revised offer of 450 pence a share in cash.
However, several large shareholders at the company told the Financial Times that the bid was too low and had too many conditions attached.
"It has to be in everyone's interests that we have certainty and the best way to do that is to stabilise the business by an equity issue rather than a very conditional bid," the FT quoted Andy Brough, fund manager at Schroders and a top 10 shareholder at the company, as saying.
The company has said that it was evaluating the proposal, but also said it was discussing a potential equity fundraising with investors, which would be used to pay down the group's near 1 billion pound ($1.62 billion) debt-pile.
"Most shareholders are opposed to the bid and supportive of National Express. A bid would have to be a lot higher, or there is no chance," FT quoted another top 10 shareholder, who did not want to be named.
(Reporting by Humeyra Pamuk; Editing by Richard Chang)
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