23rd May 2007 13:30
Laidlaw International, Inc. (NYSE:LI) today announced that theUnited States Surface Transportation Board approved Laidlaw's proposedmerger with FirstGroup plc. The Surface Transportation Board'sapproval became effective on May 21, 2007. This follows clearance bythe Committee on Foreign Investment in the United States, underprovisions of the Exon-Florio amendment, earlier this month. £ The merger transaction is subject to certain closing conditions,including further regulatory approval in the U.S. and Canada. £ On February 9, 2007 Laidlaw announced that the Company had enteredinto a merger agreement with FirstGroup plc to acquire all outstandingshares of Laidlaw for $35.25 per share. £ About Laidlaw International, Inc. £ Laidlaw International, Inc. is a holding company for NorthAmerica's largest providers of school and inter-city bus transportservices and a leading supplier of public transit services. Thecompany's businesses operate under the brands: Laidlaw EducationServices, Greyhound Lines, Greyhound Canada and Laidlaw Transit. Thecompany's shares trade on the New York Stock Exchange (NYSE:LI). Formore information on Laidlaw, visit the website: www.laidlaw.com. £ About FirstGroup PLC £ FirstGroup plc is the UK's largest surface transportation company.FirstGroup operates passenger and freight rail services in the UK. Itspassenger operations include regional, intercity and commuterservices. FirstGroup is also the UK's largest bus operator runningmore than one in five of all local bus services. In North America,FirstGroup has three operating divisions: yellow school buses (FirstStudent), transit contracting and management services (First Transit)and vehicle maintenance and ancillary services (First Services).FirstGroup's shares trade on the London Stock Exchange (LSE:FGP). Formore information on FirstGroup, visit the website: www.firstgroup.com. £ Forward-Looking Statements £ Certain statements contained in this press release, includingstatements that are not historical facts, are forward-lookingstatements made under the safe-harbor provisions of the PrivateSecurities Litigation Reform Act of 1995. These forward-lookingstatements can be identified by the use of terminology such as:believe, hope, may, anticipate, should, intend, plan, will, expect,estimate, continue, project, positioned, strategy and similarexpressions. Such statements involve certain risks, uncertainties andassumptions that include, but are not limited to: (i) the ability tosuccessfully integrate Laidlaw and FirstGroup into a combined companyand execute its business strategy; (ii) economic and other marketfactors, including competitive pressures in the transportationindustry and changes in pricing policies; (iii) the ability toimplement initiatives designed to realize synergies, increaseoperating efficiencies or improve results; (iv) continued increases inprices of fuel and potential shortages; (v) control of costs relatedto accident and other risk management claims; (vi) the potential forrising labor costs and actions taken by organized labor unions; (vii)terrorism and other acts of violence; (viii) other risks anduncertainties related to the proposed transaction, including but notlimited to the satisfaction of conditions to closing; includingreceipt of regulatory and other approvals; and (ix) other risks anduncertainties described in Laidlaw's filings with the Securities andExchange Commission (SEC). £ Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual outcomes mayvary materially from those indicated. In light of these risks anduncertainties you are cautioned not to place undue reliance on theseforward-looking statements. Laidlaw undertakes no obligation topublicly update forward-looking statements, whether as a result of newinformation, future events or otherwise. You are advised, however, toconsult any further disclosures Laidlaw makes on related subjects asmay be detailed in Laidlaw's other filings made from time to time withthe SEC. Copyright Business Wire 2007Related Shares:
Firstgroup