Department of Justice extends review for Laidlaw International, First Group merger

By Devika Patel

Knoxville, Tenn., July 6 - Laidlaw International, Inc. announced an additional $5 million of costs related its merger with FirstGroup plc and that the companies are discussing the terms of a timing agreement with the Antitrust Division of the U.S. Department of Justice.

As previously reported, Laidlaw agreed to be acquired by FirstGroup for $35.25 per share in a deal valued at $3.6 billion on Feb. 9.

On April 30, the Antitrust Division of the U.S. Department of Justice requested additional information from both companies, which extended the Hart-Scott-Rodino waiting period.

As of the close of business Friday, the parties will have certified their substantial compliance with this request. However, the Antitrust Division has asked the companies to enter into a timing agreement, extending the 30-day review period.

If the agreement is finalized, the companies will release further information at that time.

Laidlaw is a Naperville, Ill., 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 a passenger transport group based in Aberdeen, Scotland.

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