National Express Group has denied reports that the company’s second biggest shareholder, Elliott Management, is putting pressure on the board to explore a merger with Stagecoach or SNCF.
The US hedge fund bought into the company in 2009 at the time of the £360m rights issues, and has since increased its shareholding to 16% making three purchases this year. Analysts estimate that it bought its holding at an average of 140p/share compared to the current 250p price.
Speculation in the...
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