Spain’s Cosmen family has teamed up with CVC, the private equity group, to make a joint takeover bid for National Express, in a deal that could value the debt-laden transport group at more than £500m ($826m).
The family, which is the biggest shareholder in National Express with 18.5 per cent of the shares, sent a letter to the board of the bus and rail company three days ago, according to people close to the situation.
