Transport firm FirstGroup’s top investor steps up opposition to EQT deal

imageStock Markets20 minutes ago (May 24, 2021 08:31AM ET)

(C) Reuters.

(Reuters) – Coast Capital, FirstGroup’s biggest investor, on Monday again asked shareholders of the London-listed transport company to vote against its sale of two North American bus businesses, stepping up its campaign against the disposal.

The $4.6 billion sale of the businesses to Swedish private equity firm EQT (NYSE:EQT) Infrastructure has led to a shareholder rebellion due to concerns that it undervalues the assets. FirstGroup’s second-largest investor, Schroders (LON:SDR), has also opposed the move.

“Unless the deal terms are materially improved upon, along with proposed use of proceeds, Coast Capital urges its fellow investors to vote against this destructive proposal,” the activist investor said in a statement.

FirstGroup did not immediately respond to a request for comment.

Transport firm FirstGroup’s top investor steps up opposition to EQT deal

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.