FirstGroup plc’s £500 Million Proposed Tender Offer

Slaughter and May advised FirstGroup plc on the deal.

FirstGroup plc (“FirstGroup”) proposed the 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.

The Slaughter and May’s team included Andrew Jolly (Picture), Partner, Helen Emanuel, Associate, Kathryn Warden, Associate, Estelle Candau, Associate, Jade Ewers, Associate, Callum Morganti, Associate, Matthew Crilly, Trainee, Ben Eastwood, Trainee, Daniel Lee, Trainee, James Smith, Trainee, Gareth Miles, Partner and Charles Osborne, Associate.

Involved fees earner: Estelle Candau – Slaughter and May; Helen Emanuel – Slaughter and May; Jade Ewers – Slaughter and May; Andrew Jolly – Slaughter and May; Gareth Miles – Slaughter and May; Callum Morganti – Slaughter and May; Charles Osborne – Slaughter and May; Kathryn Warden – Slaughter and May;

Law Firms: Slaughter and May;

Clients: FirstGroup plc;

Giulia Di Palma

Author: Giulia Di Palma