Slaughter and May is advising FirstGroup plc on its proposed tender offer to return up to £500 million to shareholders

Slaughter and May is advising FirstGroup plc (“FirstGroup”) on its proposed return of up to £500 million to shareholders by way of a tender offer.

The proposed tender offer follows the completion, on 22 July, 2021, of FirstGroup’s disposal of its First Student and First Transit businesses to EQT Infrastructure for net disposal proceeds of $3,123 million.

The tender offer is conditional on approval by FirstGroup shareholders.  Coast Capital, the holder of c.12.8% of the issued ordinary share capital of FirstGroup, has irrevocably undertaken to vote in favour of the resolutions and to tender all of its shares under the tender offer.