Surely a good opportunity for a bidder to get it for 15p less than yesterday. |
Thx salty . We’ll see . |
The market priced the assets / liabilities at about 80p so £1.40 would be a reasonable premium.
Salty |
Just bought in for a punt , I think FGP is cheap at 140p for a takeover. Jut my opinion ! |
£1.40 - they were more than that the middle of last year. A little more would be nice but the current management have not made much of these assets. |
I suspect the take-out price will have to be about £1.40 a share or the institutions will hold on?
Thoughts?
Salty |
 Engineer66, It's a few years back now (5), but I was appalled at the total indifference shown to passengers using the Greyhound network, no attempt to build goodwill, indeed quite the opposite, people vocally complaining that the only reason they were using it was because there was no alternative operator. Not only this destruction of goodwill but plain and obvious opportunities to cross-sell (food, drink, entertainment etc) were just being thrown away. I could only conclude that no director of FGP had ever walked into a Greyhound depot and bought a spot ticket. There appeared to be no management whatsoever it was simply left to drivers to triage loads as best they could, I saw this in Boston and New York where there are high numbers of passengers at these interchanges. The drivers did a good job even if it meant moving bus three times in New York before the best solution was found. If they can't run buses sensibly, I wouldn't want to know how they muddle through with the trains.
Just about anybody with a sense of detail and able to put themselves in the customers shoes could do a better job, a bunch of Girl Guides would likely do a much better job! And no expense accounts or company cars either!
Apollo will likely be a sharper crew, but how mean are they? A case of waiting to see the deal they have offered. |
Quite right lefrene. Just how I feel. It is not asset stripping, its about giving shareholders a decent return. Sadly lacking in the UK rail market. No wonder National Express left. FGP to their credit seems to have been cautious, but could
have done a lot better in the US. Bring it on Appolo! |
see what happens when dow opens
they look like another bunch of asset strippers |
Management would indeed appear to be lacking at FGP! Usual language from the duffers, "seriously undervalues", well it's the current crew who's efforts that have brought it this low. Apollo evidently know that they can do better. I wonder just how much in bonuses etc that the present incumbents will take for themselves as they head for the exit? |
Interesting. There’s real value in this company, just the management is lacking.
Salty |
11 April 2018
FirstGroup plc
Statement re possible offer
The Board of FirstGroup plc ("FirstGroup" or the "Company") notes the recent
movement in FirstGroup share price and confirms that it has received a
preliminary and highly conditional indicative proposal from Apollo Management
IX L.P. ("Apollo") relating to a possible cash offer for the entire issued and
to be issued ordinary share capital of FirstGroup (the "Proposal"). The Board
of FirstGroup has considered the Proposal in detail and believes that it
fundamentally undervalues the Company and is opportunistic in nature.
Accordingly, the Board of FirstGroup has unanimously rejected the Proposal.
There can be no certainty that any firm offer will be made nor as to the terms
on which any firm offer might be made. A further announcement will be made in
due course if and when appropriate.
In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the
"Code"), Apollo must, by not later than 5.00 p.m. on 9 May 2018, either
announce a firm intention to make an offer for the Company in accordance with
Rule 2.7 of the Code or announce that it does not intend to make an offer in
which case the announcement will be treated as a statement to which Rule 2.8 of
the Code applies. This deadline will only be extended with the consent of the
Takeover Panel in accordance with Rule 2.6(c) of the Code.
This announcement has been made by FirstGroup without the agreement or approval
of Apollo.
In accordance with Rule 26.1 of the Code, a copy of this announcement will be
available on FirstGroup's website at www.firstgroupplc.com by no later than 12
noon (London time) on 12 April 2018. The content of the website referred to in
this announcement is not incorporated into and does not form part of this
announcement.
The person responsible for arranging the release of this announcement on behalf
of FirstGroup is Michael Hampson, Group General Counsel and Company Secretary.
Enquiries:
FirstGroup plc
Tel: +44 (0) 20 7725 3354 |
Anyone know why the nice ride today? Can't seem to find any news? |
think this LEZ in Scotland will cost FGP. |
buy low sell high |
Nice to see these doing so well,,, not |
So many headwinds for businesses these days. Rising labour costs, increased regulation, skittish lenders , uncertainty on macro themes. It will eventually lead to a recession |
i think the problem here is the rail part, massive fines for late running and cancelled trains, west of england line been smashed for 2 days now and more to come. could cause a profits warning for first and other rail companies like sgc |
My experience of the few times I have used services provided by FGP, is that I am just a parcel being moved with the minimum of cost. That's fine if you actually are a haulage company, but it doesn't build customer loyalty, indeed your customers actively seek out alternative service providers, whilst telling all and sundry how dreadful your services are. I form the view that no director of this company goes out and uses their services as an ordinary passenger. It's pretty straight forward to pare down the costs of running a business, it requires a lot more imagination and skill to build up a business, to generate more custom and loyal custom. I don't feel that this company has those skills. Mind you Stagecoach are no better, perhaps it's just the dire culture of the passenger service industry? |
I think I will track this one down. The weather is bound to have caused disruption and the nut behind the wheel might be a bit loose. I think i will keep myself seatbelted in elsewhere before I hop on board this one. |
looking tard line, no support point, maybe go down again to 50p? or 20p?
sold out, lost small.., 1k |
Another nightmare share lefrene |
Boraki, fewer faces at screens today, plus this weather won't help the bottom line here. |
WTF is going on with this share.
It has become more unstable than an aim share.
5% up yesterday 6% down now.
FFS what is happening to the markets and shares at the moment? |
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