4th Sep 2007 13:01
Regulatory review under the Hart-Scott-Antitrust Improvements Act("HSR Act") is ongoing in respect of the proposed acquisition ofLaidlaw International, Inc. by FirstGroup plc. £ As previously announced on July 11, 2007, Laidlaw and FirstGroupagreed with the Antitrust Division of the U.S. Department of Justice("Antitrust Division") to provide the Antitrust Division withadditional time in which to complete their review of the Acquisitionand give the Antitrust Division not less than 30 days' notice of theirintention to complete the Acquisition. £ The parties have made substantial progress in discussions with theAntitrust Division and, subject to FirstGroup's reaching finalagreement with the Antitrust Division and resolving certain issueswith a group of State Attorneys General who have expressed an interestin the Acquisition (the "State AGs"), Laidlaw is optimistic thatclosing of the Acquisition will occur in the first week of October2007. It is expected that as part of the agreement to be reached withthe Antitrust Division, the Antitrust Division will waive therequirement for a full 30 days' notice. £ In addition, the parties have given a courtesy notice to the StateAGs of their intention to close the acquisition in the first week ofOctober 2007. £ 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: £ -- Risks and uncertainties related to the proposed merger with FirstGroup, including but not limited to receiving approval from the required regulatory agencies as well as the satisfaction of other customary closing conditions; £ -- Economic and other market factors, including competitive pressures and changes in pricing policies; £ -- The ability to implement initiatives designed to increase operating efficiencies or improve results; £ -- Costs and risks associated with litigation and indemnification obligations; £ -- Changes in interpretations of existing, or the adoption of new, legislation, regulations or other laws; £ -- The potential for rising labor costs and actions taken by organized labor unions; £ -- Continued increases in prices of fuel and potential shortages; £ -- Control of costs related to accident and other risk management claims; £ -- Terrorism and other acts of violence; £ -- The ability to produce sufficient future taxable income to allow us to recover our deferred tax assets; £ -- The ability to pay dividends; £ -- Potential changes in the mix of businesses we operate; £ -- The inability to earn sufficient returns on pension plan assets thus requiring increased funding; and £ -- Other risks and uncertainties described in Laidlaw's filings with the Securities and Exchange 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. £ 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. Copyright Business Wire 2007Related Shares:
Firstgroup