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The National (Scotland)
The National (Scotland)
National
Ninian Wilson

FirstGroup reject American takeover bid for being too low

FirstGroup I Squared
The FirstGroup board unanimously rejected the bid

TRANSPORT firm FirstGroup has rejected a £1.2 billion takeover proposal from an American serial suitor for being too low.

The Aberdeen-based group said the board believed the 118p-a-share upfront cash part of the unsolicited takeover approach from Miami-based I Squared Capital Advisors “significantly undervalued FirstGroup’s continuing operations and its future prospects”.

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