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FirstGroup rebuffs Apollo

BUSINESS

13 April 2018
 

FirstGroup’s board has rejected a takeover bid from US private equity firm Apollo Management, saying it “fundamentally undervalues the company and is opportunistic in nature”.

Aberdeen-based FirstGroup revealed that it had been the subject of the offer after its share price rose 7.4 per cent, putting the group’s value at about £1.2bn, according to the BBC.

FirstGroup did not disclose details of the bid, except to say it was a cash offer for the entire share...

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