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New Deal


Announced

I Squared Capital withdraws its $1.5bn offer to acquire FirstGroup.

Financials

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Transaction Value£1,200m
Consideration TypeCash
Capital Owned-
Capital Bid For100%
EV/Sales-
EV/EBITDA-
Share Price Premium-
One Off Charge-

Tags

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Acquisition

Majority

United Kingdom

Friendly

Private Equity

Private

Transportation Services

transport operator

Cross Border

Single Bidder

Failed

Synopsis

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I Squared Capital, a private equity firm, withdraws its $1.5bn offer to acquire FirstGroup, a bus and train operator. "The board, having carefully evaluated the Proposal together with its advisers, concluded that the cash component significantly undervalues FirstGroup's continuing operations and its future prospects, and the contingent value does not provide shareholders with sufficient certainty," FirstGroup.

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