First group who owns

Coast Capital issued its own lengthy response to these claims in a statement Monday, alleging multiple inaccuracies in FirstGroup's representation of the figures and claiming the company has attempted to "use accounting tactics to try to hide the plain inadequacies and exceptionally low valuation that this bid places on shareholders' most prized assets. FirstGroup has reiterated that it embarked on a "comprehensive and competitive sale process," which included more than 40 bidders, and said all of Coast Capital's proposals over several years had been carefully considered.

FirstGroup cited an earnout structure for First Transit in which the company will receive Coast Capital has disputed this, claiming that if EQT does not sell the business on for a higher value within three years, a messy arbitration process will likely follow as the private equity firm and shareholders try to arrive at a fair equity value for the business.

The two senior banking sources claimed that having begun the process prior to the Covid crisis, FirstGroup had refused to consider any options beyond the EQT deal, having entered into a "no-shop clause" with the Swedish private equity firm prior to announcing intentions to sell the business.

In its voting recommendation report, however, shareholder proxy advisor ISS noted that while the no-shop clause restrains the board from "procuring, soliciting or encouraging potential bidders" to make a competing offer, it would be permitted to consider an "unsolicited competing proposal" so long as it was received before the resolution was approved by shareholders and constituted a "superior offer.

FirstGroup becomes the second largest operator of yellow school buses in North America with the purchase of Bruce Transportation and Ryder Public Transportation Services. The deal also sees FirstGroup take over the iconic Greyhound coach division, and add substantial additional contracts to the First Transit portfolio. First Bus provided spectator transport for hundreds of thousands of attendees at the London Games with our rail companies also running additional services.

FirstGroup gives train passengers the first ever opportunity to earn Nectar points when booking their journeys online with a UK rail operator. First Bus and First ScotRail are proud to be official supporters of the Glasgow Commonwealth Games, providing passenger rail and bus services. Greyhound celebrated its centenary with a mobile museum tour across the USA, showcasing restored classic coaches and the best of today's business.

FirstGroup signed agreement to operate the Great Western franchise until and an additional year operating First TransPennine Express. South Western Railway warned it could be placed in public hands Railways. Fresh call to nationalise 'pathetically awful' Leeds buses Buses. Increase in overseas rail ownership slammed as fares rise and services get worse Railways. West Lothian residents' anger after First Bus reveal plans to scrap Kirknewton services Privatisation general.

Big pay rises for rail bosses behind soaring fares and delays Privatisation general. Call for bus services to be taken into public control after First Group announce fare hike Buses. Bus passengers face double blow of rising fares and service cuts, Labour warns Buses. Campaigners hit out at First Bus over planned fare increase Buses.