The Board of FirstGroup has announced that I Squared Capital Advisors does not intend to make a firm offer for the Group. After the Board had carefully evaluated the proposal together with its advisers, it concluded that the cash component significantly undervalued FirstGroup’s operations and its future prospects, and the contingent value did not provide shareholders with sufficient certainty.
The Board says it is confident the transformation undertaken since the arrival of David Martin as Chairman in August 2019 will deliver significant long term value creation for FirstGroup shareholders, and reaffirmed its expectation that, while some uncertainty remains around the pace of recovery in light of the pandemic and the broader macroeconomic backdrop, the Group will make significant further progress in the current financial year.
