6th Jul 2007 13:51
FirstGroup PLC06 July 2007 6 July 2007 FIRSTGROUP PLC Proposed Acquisition of Laidlaw International, Inc. Regulatory conditions update - Substantial compliance with Department of Justice's request under the Hart-Scott-Rodino Antitrust Improvements Act On 9 February 2007 FirstGroup announced the proposed acquisition of LaidlawInternational, Inc. Regulatory review under the Hart-Scott-Rodino Antitrust Improvements Act ("HSRAct") is ongoing. On 30 April 2007, the Antitrust Division of the U.S.Department of Justice requested additional information from both FirstGroup andLaidlaw, primarily related to student transportation, which effectively extendedthe applicable waiting period under the HSR Act during which FirstGroup andLaidlaw may not complete the proposed transaction. FirstGroup and Laidlaw will have certified substantial compliance by the closeof business on 6 July 2007. Under the HSR Act, the Antitrust Division mustcomplete its review within 30 days of the day both firms certified theirsubstantial compliance with the Antitrust Division's request. However, the Antitrust Division has asked FirstGroup and Laidlaw to enter into atiming agreement that would provide the Antitrust Division with additional timeto complete its review, effectively extending the review period. FirstGroup andLaidlaw are discussing the terms of that agreement with the Antitrust Divisionand, if an agreement is finalised, will announce further information about theagreement at that time. FirstGroup and Laidlaw remain committed to working cooperatively with theAntitrust Division as it conducts its review and to completing the acquisition. The Board of FirstGroup has no further update on the likely completion date. Terms used in this Announcement shall have the same meanings as set out in theCircular dated 26 March 2007. Contacts J P Morgan Cazenove:Malcolm Moir, Managing Director Tel: 020 7588 2828 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Firstgroup