UK rail operator National Express is close to accepting the latest £765m ($1.26bn) offer from its bidders, Spanish group Cosmen family and CVC Capital Partners, reports Reuters.

The offer values the rail operator’s share at 500 pence-a-share.

The new offer is an increase of 50 pence-a-share from the previous £688.5m ($1.12bn) offer by the bidders which the rail operator had rejected earlier in September.

The two companies had made one bid earlier, details of which were not disclosed.

National Express has been up for takeover since July when the government said it could be stripped of its East Coast rail franchise following a funds crunch.