Safety

Laidlaw International reveals financial results, merger details

Posted on July 9, 2007
NAPERVILLE, Ill. — On July 6, Laidlaw International Inc. announced its third-quarter financial results and provided an update on its pending merger with FirstGroup plc.

Consolidated revenue for the quarter was $869 million, which was slightly higher than the previous year, and its income from continuing operations totaled $61 million, up 40 percent from last year.

The company's school bus transportation division — Laidlaw Education Services — also fared well during the quarter, with a 7.5 percent growth in revenue. An increase in contracted service with school districts, as well as an increase in inflationary prices, facilitated the growth.

In February, Laidlaw entered into a merger agreement with FirstGroup plc, wherein FirstGroup will acquire the outstanding common shares of Laidlaw for $35.25 per share in cash. On April 20, the companies' stockholders and shareholders approved the merger.

The Hart-Scott-Rodino Antitrust Improvements Act (HSR Act) requires the Department of Justice's Antitrust Division to review impending corporate merger agreements. Therefore, on April 30, the Antitrust Division requested information from both companies relating to their student transportation services, which, under the HSR Act, extended the amount of time the companies are required to wait before implementing the merger.

As of last Friday, Laidlaw and FirstGroup had complied with the request for additional information. Under the HSR Act, the Antitrust Division must complete its review within 30 days, but it has asked the companies for additional time.

Comments ( 0 )
More Stories
Video

School Bus Songs: ‘Obey the Driver’

High school students from Harford County (Md.) Public Schools recreate Survivor’s “Eye of the Tiger” to encourage their peers to keep safety first and follow the bus driver's rules.

Christopher Frachiseur, 19, failed to stop for the stopped school bus, jumped the curb, and traveled to the right passenger side of the bus, hitting a man and two students from the same family. Photo courtesy Forsyth County Sheriff's Office
News

Car Strikes Man, 2 Girls Trying to Board School Bus

Nineteen-year-old Christopher Frachiseur of Georgia fails to stop for the school bus, jumps the curb, and drives onto the sidewalk past the right passenger side of the school bus, hitting a man and two students from the same family.

The NCST’s Steering Committee and writing committees are preparing for the 2020 Congress. Murrell Martin (shown left) and Bill Loshbough are shown here leading a discussion at NCST 2015.
News

NCST Gears Up for 2020

The National Congress on School Transportation Steering Committee firms up plans and writing committees are researching requests for procedures manual changes. The Congress will meet in Des Moines, Iowa, in May.

NAPT President Barry Sudduth presented Peter Mannella (right), longtime NAPT member and former executive director of the New York Association for Pupil Transportation, with the association's Distinguished Service Award. 
News

NAPT Awards Highlight Top-Notch Service, Achievement

Student transportation professionals are recognized for their remarkable dedication and service to the school bus industry. Awards are also presented to Zonar’s 2019 Don Carnahan Memorial grant recipients.

Be the First to Know

Get the latest news and most popular articles from SBF delivered straight to your inbox. Stay on top of the school bus industry and don't miss a thing!