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FirstGroup rejects US hedge fund break-up proposal

Independent – FirstGroup has rejected pressure from a US investor to sell-off its North American bus business in a bid to boost shareholder value.

New York-based hedge fund Sandell Asset Management, which has a 3.1 per cent stake in FirstGroup, wrote to the transport group’s board calling for a spin-off and flotation of its US school and transit businesses, and the sale of Greyhound, its inter-city bus provider.

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