Business
Statement re. unsolicited approach
Statement re. unsolicited approach.
About this update from Firstgroup Plc
[{"type":"text","content":"\n \n \n \n NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION\n \n \n \n \n THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE \"CODE\") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE AND THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE, NOR AS TO THE TERMS ON WHICH ANY OFFER WILL BE MADE\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n \n 26 May 2022\n \n \n \n FirstGroup plc\n \n \n \n \n Statement re. unsolicited approach\n \n \n \n The Board of\n FirstGroup\n plc (\"\n FirstGroup\n \" or the \"Company\") notes the recent share price movement. The Company has received a series of unsolicited, conditional proposals from I Squared Capital Advisors (UK) LLP (\"I Squared\") in relation to a possible offer to acquire the entire issued, and to be issued, share capital of the Company.\n \n \n The Board together with its advisers, is currently evaluating the latest approach, received yesterday evening, which provides for a cash component of 118 pence per share and a contingent right to up to a further 45.6 pence per share based on the outcome of the First Transit earnout and the net proceeds realised from the Greyhound legacy assets and liabilities. The previous approaches were all unanimously rejected by the Board.\n \n \n FirstGroup shareholders are strongly advised to take no action in relation to the approach from I Squared.\n \n \n A further announcement will be made if and when appropriate.\n \n \n \n Important Code Notes\n \n \n \n In accordance with Rule 2.6(a) of the Code,\n I Squared\n is required, by not later than 5.00 p.m. on 23 June 2022, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer for the Company, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline can be extended with the consent of the Panel on Takeovers and Mergers in accordance with Rule 2.6(c) of the Code.\n \n \n This announcement has been made without ...