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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff

FirstGroup rejects £1.2bn takeover bid from US equity firm

FirstGroup, which owns Great Western Railway, is Britain’s biggest train operator.
FirstGroup, which owns Great Western Railway, is Britain’s biggest train operator. Photograph: Bloomberg/Getty Images

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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