Apr 11, 2018

FirstGroup train and bus operator rebuffs offer from Apollo

Rail and bus operator FirstGroup has rejected a takeover offer from US private equity firm Apollo Management. Aberdeen-based FirstGroup, which has about 100,000 employees, runs Great Western Railway and America's iconic Greyhound bus services. FirstGroup did not reveal any financial details about the offer, which was disclosed about two hours after the London stock market closed. FirstGroup, whose other operations include the Heathrow Airport Connect service and First Bus, had revenues of £7.5bn last year. The company said in its statement: "The board of FirstGroup has considered the proposal in detail and believes that it fundamentally undervalues the company and is opportunistic in nature. Accordingly, the board of FirstGroup has unanimously rejected the proposal."

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