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

Banyan Gold

24/05/2021 13:09

May 24 (Reuters) - Coast Capital, FirstGroup's  FGP.L 
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 Infrastructure has led to a shareholder
rebellion due to concerns that it undervalues the assets.
FirstGroup's second-largest investor, Schroders, 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. 

    

 (Reporting by Pushkala Aripaka in Bengaluru; Editing by Aditya
Soni)
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