A British transport company that runs school buses across the United States has suffered a setback after bidders walked away from a $1.3 billion takeover offer.

CVC Capital Partners, which has just acquired the Central and Eastern European drinks business of Anheuser-Busch Inbev ( AHBIF – news – people ) for up to $3 billion, said that it and National Express’s largest shareholder–Spain’s wealthy Cosmen family–would be walking away from their offer. The bidders did not give a reason, but analysts believe they may have struggled to obtain financing for the deal from their banks.

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