More lead up comment to today's meeting in the
Bristol Post The company which manages Bristol’s buses and trains is facing a showdown with its biggest investor tomorrow (June 25) when a crunch vote on its future takes place.
FirstGroup, which manages First Bus, GWR▸ and South Western Railways, and US shareholder Coast Capital have been exchanging barbs since the hedge fund said it wanted to replace six board members with seven of its own in a ‘hostile’ takeover bid.
The article includes quoting a selection of those barbs ... a brief sample here:
Coast has a 10 per cent stake in FirstGroup and has already persuaded the group to split up its assets.
The firm’s chief investment officer, James Rasteh, told the BBC» FirstGroup doesn't "know how to manage the business."
However, FirstGroup says Coast’s turnaround plans “lack credibility, are irresponsible and are not in the best interests of all shareholders and other stakeholders.”
The company says people should be "in no doubt" Coast Capital are trying to take over a big plc company without actually having to buy it.
It'll be an interesting day ...