Laidlaw, FirstGroup merger slowed due to waiting period extension

By Lisa Kerner

Charlotte, N.C., July 11 - Laidlaw International, Inc. and FirstGroup plc provided the U.S. Department of Justice's Antitrust Division with additional time beyond the 30-day Hart-Scott-Rodino waiting period to complete its review of the companies' proposed transaction.

Specifically, the companies agreed to give a 30-day notice of their plan to close the transaction and to not give that notice earlier than Aug. 15. As a result, the closing cannot take place earlier than 11:59 p.m. ET on Sept. 14.

Both Laidlaw and FirstGroup certified substantial compliance with the government's second requests as of July 6, according to a company news release.

Laidlaw entered into a merger agreement on Feb. 8 in which FirstGroup would acquire all of the outstanding common shares of Laidlaw for $35.25 per share in cash, or about $3.6 billion.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.