By David Briginshaw, International Railway Journal; April 12, 2018
THE board of bus and rail operator First Group has unanimously rejected a cash offer from US equity firm Apollo Management to buy the company, saying the offer “fundamentally undervalues the company and is opportunistic in nature.”
According to the City Code on Takeovers and Mergers, Apollo has until May 9 to either make a firm offer for the company or withdraw. However, the deadline can be extended with consent of the Takeover Panel.
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