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

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.