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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