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I Squared Walks Away From FirstGroup Deal After £1.2 Billion Bid Rejected

Commuters carry bicycles as they disembark from a train operated by FirstGroup Plc at London Paddington railway station.
Commuters carry bicycles as they disembark from a train operated by FirstGroup Plc at London Paddington railway station.Photographer: Hollie Adams/Bloomberg

I Squared Capital Advisors walked away from a pursuit of UK bus and transport operator FirstGroup Plc after an earlier proposal of about 1.2 billion pounds ($1.5 billion) was rejected.

The Miami-based infrastructure investment firm is now bound not to return with another offer for a fixed period unless another bidder enters the fray, among other regulator conditions, the group said in a statement Tuesday.