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  "documentTitle": "FirstGroup plc (FGP)",
  "authorId": "08_Sandell",
  "authorName": "Sandell Asset Management",
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      "text": "FirstGroup should take advantage of the opportunity to deliver value to shareholders while driving long term operational and financial performance",
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      "text": "Since the public disclosure of the Sandell Plan, we are disappointed that the Company has chosen to characterise the Proposals as containing “structural flaws” and “inaccuracies”\nFollowing our detailed discussions with the Company, we have considered the issues raised by the Company, which, in our view, were relatively minor, and we have updated our analysis to address these issues. In addition, we have taken into account changes in market conditions since our discussions began\nWe believe the Company’s rejection was premature, without fully appreciating the rationale behind the Proposals\nThe Sandell Plan is not a replacement for a sound turnaround plan. Instead, Sandell believes its Proposals are best carried out in conjunction with such a plan to improve the plan’s chances of success and to provide additional flexibility should a turnaround fail to materialise in the anticipated timeframe\nAlthough we believe that the basic tenets behind the Company’s strategic plan are sound, we remain concerned about its execution\nThe Sandell Plan is designed to address what we believe is the key reason behind the Company’s consistently poor execution, namely the Management team’s inability to manage the increased complexity of the business since the acquisition of Laidlaw International Inc.",
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