FirstGroup rejects takeover bid from US equity group Apollo
British transport firm dismisses approach from private equity group as ‘opportunistic’
Bus and rail company FirstGroup has rejected a takeover approach from the American private equity group Apollo, the British transport operator has announced.
After shares rose more than 7% during trading on Wednesday amid rumours of a takeover bid, the board of FirstGroup issued a statement confirming an initial proposal had been made by Apollo Management but had been unanimously rejected, dismissing it as “opportunistic”.
Source: Guardian Transport