National Express has begun a whistlestop tour of its investors before deciding its response to a £765m takeover offer from a consortium led by Spain's Cosmen family.
John Devaney, chairman of the bus and train operator, has started to sound out investors, amid mounting expectations the group is edging towards recommending the deal. A decision will be made early this week.
The consortium, which includes private-equity group CVC, upped its offer by 10% on Friday after revealing it had brought the Stagecoach transport group into its bid team.
Stagecoach would pick up the group's UK bus and rail franchises under the deal - and has already reached a provisional agreement with the Department for Transport.
The Cosmens would buy back their Spanish bus business, which they sold to National Express in 2005.
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National Express has been under pressure since it gave up its east coast rail franchise, which led to chief executive Richard Bowker's departure.