Laidlaw, FirstGroup extend timeline for merger completion

By Lisa Kerner

Charlotte, N.C., Aug. 8 - Laidlaw International, Inc. and FirstGroup plc extended the final date that either company may terminate the merger agreement to Nov. 8 from Aug. 8.

The companies entered into a timing agreement with the U.S. Department of Justice on July 11 that has slowed merger completion. The department's Antitrust Division was given extra time to review the merger proposal, according to a company news release.

Laidlaw and FirstGroup entered into an agreement on Feb. 8 in which FirstGroup will acquire Laidlaw for $35.25 per share in cash, or about $3.6 billion.

As previously reported, 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.

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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