FirstGroup PLC
06 July 2007
6 July 2007
FIRSTGROUP PLC
Proposed Acquisition of Laidlaw International, Inc.
Regulatory conditions update - Substantial compliance with Department of
Justice's request under the Hart-Scott-Rodino Antitrust Improvements Act
On 9 February 2007 FirstGroup announced the proposed acquisition of Laidlaw
International, Inc.
Regulatory review under the Hart-Scott-Rodino Antitrust Improvements Act ('HSR
Act') is ongoing. On 30 April 2007, the Antitrust Division of the U.S.
Department of Justice requested additional information from both FirstGroup and
Laidlaw, primarily related to student transportation, which effectively extended
the applicable waiting period under the HSR Act during which FirstGroup and
Laidlaw may not complete the proposed transaction.
FirstGroup and Laidlaw will have certified substantial compliance by the close
of business on 6 July 2007. Under the HSR Act, the Antitrust Division must
complete its review within 30 days of the day both firms certified their
substantial compliance with the Antitrust Division's request.
However, the Antitrust Division has asked FirstGroup and Laidlaw to enter into a
timing agreement that would provide the Antitrust Division with additional time
to complete its review, effectively extending the review period. FirstGroup and
Laidlaw are discussing the terms of that agreement with the Antitrust Division
and, if an agreement is finalised, will announce further information about the
agreement at that time.
FirstGroup and Laidlaw remain committed to working cooperatively with the
Antitrust Division as it conducts its review and to completing the acquisition.
The Board of FirstGroup has no further update on the likely completion date.
Terms used in this Announcement shall have the same meanings as set out in the
Circular dated 26 March 2007.
Contacts
J P Morgan Cazenove:
Malcolm Moir, Managing Director Tel: 020 7588 2828
This information is provided by RNS
The company news service from the London Stock Exchange
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