Stagecoach Ditches Merger Plans After UK Seeks Review

Law360, New York (July 10, 2012, 1:42 PM EDT) -- Stagecoach Group PLC on Tuesday called off its £2.8 million ($4.3 million) acquisition of rival bus company FirstGroup PLC’s business in the South of England, following the U.K. Office of Fair Trading’s decision to refer the merger to the Competition Commission.

One of U.K.'s biggest bus, coach and rail operators, Stagecoach issued a statement Tuesday saying it is withdrawing its £2.8 million offer to takeover FirstGroup’s bus routes in North Devon and Torridge, England, after the OFT handed the case off to the Competition Commission amid...
To view the full article, register now.