Operator of GWR and South Western Railways says proposal fails to reassure investors. Britain's biggest train operator FirstGroup has rejected a £1.2bn takeover proposal from a US private equity firm, after its board determined the offer was too low. The bus and rail company said it had carefully reviewed the proposal from I Squared Capital, which first became public last month, but concluded that the 118p a share cash offer significantly undervalues FirstGroup's continuing operations and its future prospects.
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Aberdeen-based firm considering approach by US private equity firm I Squared Capital. FirstGroup, Britains biggest train operator, is evaluating a £1.2bn takeover offer from a US private equity firm, the latest UK transport group to become a takeover target. The Aberdeen-based bus and rail operator said it had received a series of unsolicited proposals from I Squared Capital, and rejected them unanimously, apart from the latest approach, received on Wednesday evening, which it is evaluating.
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