Apollo withdraws from FirstGroup bid

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Apollo Global Management has withdrawn its takeover bid for FirstGroup.

The board of FirstGroup said it had received two ‘preliminary and highly conditional’ indicative proposals from Apollo relating to a possible cash offer for the entire issued and to be issued ordinary share capital of FirstGroup.

Having considered them in detail, the board found that the proposals had ‘fundamentally undervalued the company’ and unanimously rejected them.

The FirstGroup board said it ‘continues to believe in the strong prospects for shareholder value creation available to the company.’

It will publish its full year results for the year ended March 31, 2018 on May 31.