NAPERVILLE, ILL., September 26 /CNW/ - Laidlaw International, Inc.
(NYSE: LI) today announced that Laidlaw and FirstGroup plc have reached an
agreement with the attorneys general of eleven U.S. states which have
expressed interest in the proposed acquisition of Laidlaw by FirstGroup plc.
In addition, Laidlaw and FirstGroup expect the Antitrust Division of the U.S.
Department of Justice to grant early termination of the Hart-Scott-Rodino
Antitrust Improvements Act waiting period later this week, thereby permitting
the proposed acquisition of Laidlaw by FirstGroup to close. Laidlaw and
FirstGroup expect to complete their merger on October 1, 2007.
On February 9, 2007 Laidlaw announced that the Company had entered into a
merger agreement with FirstGroup plc to acquire all outstanding shares of
Laidlaw for $35.25 per share.
Certain statements contained in this press release, including statements
that are not historical facts, are forward-looking statements made under the
safe-harbor provisions of the Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by the use of
terminology such as: believe, hope, may, anticipate, should, intend, plan,
will, expect, estimate, continue, project, positioned, strategy and similar
expressions. Such statements involve certain risks, uncertainties and
assumptions that include, but are not limited to:
-- Risks and uncertainties related to the proposed merger with
FirstGroup, including but not limited to receiving approval from the required
regulatory agencies as well as the satisfaction of other customary closing
-- Economic and other market factors, including competitive pressures
and changes in pricing policies;
-- The ability to implement initiatives designed to increase operating
efficiencies or improve results;
-- Costs and risks associated with litigation and indemnification
-- Changes in interpretations of existing, or the adoption of new,
legislation, regulations or other laws;
-- The potential for rising labor costs and actions taken by organized
-- Continued increases in prices of fuel and potential shortages;
-- Control of costs related to accident and other risk management
-- Terrorism and other acts of violence;
-- The ability to produce sufficient future taxable income to allow us
to recover our deferred tax assets;
-- The ability to pay dividends;
-- Potential changes in the mix of businesses we operate;
-- The inability to earn sufficient returns on pension plan assets thus
requiring increased funding; and
-- Other risks and uncertainties described in Laidlaw's filings with the
Securities and Exchange Commission (SEC).
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual outcomes may vary materially
from those indicated. In light of these risks and uncertainties you are
cautioned not to place undue reliance on these forward-looking statements.
Laidlaw undertakes no obligation to publicly update forward-looking
statements, whether as a result of new information, future events or
otherwise. You are advised, however, to consult any further disclosures
Laidlaw makes on related subjects as may be detailed in Laidlaw's other
filings made from time to time with the SEC.
About Laidlaw International, Inc.
Laidlaw International, Inc. is a holding company for North America's
largest providers of school and inter-city bus transport services and a
leading supplier of public transit services. The company's businesses operate
under the brands: Laidlaw Education Services, Greyhound Lines, Greyhound
Canada and Laidlaw Transit. The company's shares trade on the New York Stock
Exchange (NYSE: LI). For more information on Laidlaw, visit the website:
About FirstGroup PLC
FirstGroup plc is the UK's largest surface transportation company.
FirstGroup operates passenger and freight rail services in the UK. Its
passenger operations include regional, intercity and commuter services.
FirstGroup is also the UK's largest bus operator running more than one in five
of all local bus services. In North America, FirstGroup has three operating
divisions: yellow school buses (First Student), transit contracting and
management services (First Transit) and vehicle maintenance and ancillary
services (First Services). FirstGroup's shares trade on the London Stock
Exchange (LSE:FGP). For more information on FirstGroup, visit the website:
For further information:
For further information: Laidlaw International, Inc. Jeff McDougle,
630-848-3146 Vice President, Treasurer