City analysts have reacted with concern to the news that National Express Group has rejected a merger proposal from rival group Stagecoach.
Damian Brewer of JP Morgan said in a note issued this morning that NEG would have to "work very hard to prove its calibre".
"Although new equity could put the corporate finance foundations in place, we remain concerned that the National Express board were not able to contemplate running the two process (equity rights and a Stagecoach...
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