Board rejects calls for UK focus

摘要

FirstGroup's board has rejected a call from one of its significant shareholders to sell parts of its North American business and invest the proceeds in turning around its UK Bus division and bidding for UK rail franchises. Sandell Asset management Corporation, which holds 3.1% of First shares, urged new chairman John McFarlane to spin off its yellow schoolbus and transit businesses in the United States and Canada and list them on the US stock market and to dispose of the iconic Greyhound coach business as a non-core asset. First says SandeU's proposals are not compelling and contain 'structural flaws and inaccuracies'.