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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

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