Transport giant FirstGroup is facing a mounting activist campaign to put itself up for sale in the wake of a failed takeover bid from American private equity firm Apollo.
The attack comes in a four-page letter from top shareholder West Face Capital that was sent to chairman Wolfhart Hauser on Friday, the latest assault on a major UK company from an activist investor.
The letter, seen by The Daily Telegraph, lambasts FirstGroup’s board for failing to address “chronic” underperformance, saying inaction paved the way for Apollo’s “opportunistic” bids.
It calls on the transport operator, which is responsible for Greyhound bus operations in America and bus services across the UK, to form a board subcommittee...