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  "documentTitle": "FirstGroup plc (FGP)",
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  "authorName": "Sandell Asset Management",
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      "text": "The UK businesses (£3.92bn revenue) are much larger than Greyhound (£0.65bn revenue), and we believe the operational benefits of a UK turnaround are far greater than the potential upside from Greyhound that may be foregone from a sale today",
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      "text": "Source: Company filings, broker research, Sandell estimates (as included in slide 36), Bloomberg.",
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      "text": "Greyhound | Why has Sandell proposed the sale of Greyhound? How will a sale in the short term benefit FirstGroup? | We consider there may be further potential upside in Greyhound as the US economy recovers...",
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