Aberdeen-based bus and train operator’s stock rises 8% after unsolicited bid from I Squared Capital
FirstGroup is evaluating a bid valuing its shares at up to £1.23bn after “a series of unsolicited, conditional proposals” from private equity group I Squared Capital.
The UK bus and train operator said on Thursday the offer consisted of a cash component of 118p per share and a “contingent right” of “up to a further 45.6p per share” based on the outcome of payouts due to the company following the sale last year of its US transit business and on the net assets of the Greyhound bus business, which was also sold last year.
The activists — led by New York-based Coast Capital Management — were unhappy at the £3.3bn the company received for its First Transit and First Student transit and school bus operations in the US.
Read more: FT
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