First Group reject takeover bid

[snoggle]

Seems that First Group have attracted some attention from an American private equity group (Apollo Management IX LP) who made a conditional offer for the entire business. First Group have rejected the bid. Something tells me we haven't seen the end of this one. Apollo have until 9 May to confirm their intentions re bidding.

First Group statement

Financial Times article


I can't see a private equity group being interested in keeping the current business together. It'll be a split up and sell off type operation. Can easily see the UK bus and rail businesses being split up and sold off.

[snoggle]

And now the possible takeover starts to get political - from both sides of the spectrum. I hadn't considered that the government may be very reluctant to have a private equity firm in charge of the provision of franchised rail services. The Labour and union response is perhaps rather more predictable.

www.theguardian.com/business/2018/apr/12/labour-warns-apollo-against-pursuing-interest-in-firstgroup