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Insider UK
Insider UK
Business
Peter A Walker

SHOCKING: Firstgroup rebuffs 1 2 billion takeover approach - What They Never Told You

FirstGroup I Squared United States

FirstGroup has rejected a £1.2bn takeover proposal from an American serial suitor for being too low.

The Aberdeen-based group said the board believed the 118p-a-share upfront cash part of the unsolicited takeover approach from Miami-based I Squared Capital Advisors “significantly undervalued FirstGroup’s continuing operations and its future prospects”.

It added that the additional 45.6p-a-share part of the offer, which was based on some conditions, “does not provide shareholders with sufficient certainty”.

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