FirstGroup suitor I Squared Capital has pulled out of its acquisition plan for the Aberdeen-headquartered transport business.
Ahead of the Takeover Panel's Thursday deadline for bids, the Miami-based private equity firm delivered a final proposal of 135p per share, with further contingent value from the earn-out of the former First Transit subsidiary in North America.
FirstGroup’s board and advisors concluded that this offer significantly undervalues the business’s continuing operations and future prospects, adding that “the contingent value does not provide shareholders with sufficient certainty”.