On 26 May 2022, FirstGroup confirmed that it had received a series of proposals from I Squared Capital Advisors in relation to a possible take-over offer. The proposal would have involved a cash price per share along with an additional amount based on the outcome of the First Transit earnout and the net proceeds realised from the Greyhound legacy assets and liabilities. After evaluating the proposal, FirstGroup’s Board concluded that the cash component significantly undervalues FirstGroup’s continuing operations and its future prospects, and the contingent right per FirstGroup share does not provide shareholders with sufficient certainty. As a result, the Board unanimously rejected the proposal.
