26th May 2022 09:40
FirstGroup PLC - Aberdeen, Scotland-based transport provider - Receives "series of unsolicited, conditional proposals" to be acquired by I Squared Capital Advisors (UK) LLP. Says considering latest approach, received Wednesday evening, for 118 pence per share in cash, plus 45.6p more contingent on the proceeds of FirstGroup's recent disposals of First Transit and Greyhound. The 163.60p total offer is a 38% premium to Wednesday's close. Previous approaches all were unanimously rejected by the board, FirstGroup says.
UK bus and train operators have been in play of late. Last week, Pan-European Infrastructure III SCSp, an infrastructure fund managed by DWS Infrastructure, declared its acquisition of Stagecoach Group PLC unconditional. Stagecoach earlier had backed out of an all-share merger with National Express Group PLC.
Current stock price: 127.68p, up 6.9% on Thursday in London; market capitalisation GBP957 million
12-month change: up 49%
By Tom Waite; [email protected]
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