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Sandell Asset Urges FirstGroup to Cut Off US Business

Dec 11, 2013
Jing Chen

New York-based hedge fund firm Sandell Asset Management is urging British bus and rail operator FirstGroup to sell its U.S. business in order to pay down debt.

Financial Times reported that Sandell, which is FirstGroup’s largest shareholder at about 3%, has asked the transportation operator to consider the sale of Greyhound and its school bus service.

Sandell Asset, who has launched more than 15 activist campaigns against various companies in the last eight years, is also urging Bob Evans Farms to split its restaurant and food processing business and to conduct a sale and leaseback of the 561 restaurants it owns.

Founded in 1998 with an additional office in London, Sandell Asset specializes in international, event driven, multi-strategy investing with a strong focus on global risk arbitrage, equity special situations and credit opportunities.



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