National Express and Stagecoach

Good example to highlight the difference between Merger and Acquisition.

National Express 'did not invite' Stagecoach deal
by Robert Lindsay

National Express today disputed claims that it had invited a merger approach from its rival, Stagecoach.
Earlier today, Stagecoach said it had submitted a letter on October 16, “at the invitation of National Express”, detailing the terms of a deal.

Read the whole article at: http://business.timesonline.co.uk/tol/business/industry_sectors/transport/article6880710.ece


Also interesting notes on the fund raising process for an Acquisition.

Rival renews National Express bid

Stagecoach has made a fresh offer to buy rival National Express, despite a consortium pulling out of takeover talks last week.
The group, comprising private equity firm CVC Capital and National Express's largest shareholder, the Cosmen family, withdrew its £765m offer on Friday.

Read the whole article at: http://news.bbc.co.uk/1/hi/business/8313780.stm