By Lisa Kerner
Charlotte, N.C., Feb. 9 - FirstGroup plc entered into a definitive merger agreement to acquire all of the outstanding shares of Laidlaw International, Inc. for $35.25 per share.
The all-cash transaction is valued at about $3.6 billion and includes the assumption of $800 million of debt.
Laidlaw's board approved the transaction and recommended that Laidlaw stockholders vote in favor of the transaction at the annual meeting of stockholders on Friday, according to a company news release.
Closing of the transaction is conditioned upon approvals and closing conditions.
"Our goal for the past four years has been to develop, demonstrate and deliver shareholder value," Laidlaw president and chief executive officer Kevin Benson said in the release.
"We believe this transaction is the epitome of that goal and represents an excellent opportunity for both companies' employees and shareholders."
Based in Naperville, Ill., Laidlaw is a holding company for North America's largest providers of school and inter-city bus transport services and a supplier of public transit services.
FirstGroup is an passenger transport group based in Aberdeen, Scotland.
| Acquirer: | FirstGroup plc
|
| Target: | Laidlaw International, Inc.
|
| Payment per share | $35.25
|
| Announcement date: | Feb. 9
|
| Expected closing: | Upon approvals and closing conditions
|
| Stock price for target: | NYSE: LI; $31.72 on Feb. 8
|
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