© Reuters.

(Reuters) – FirstGroup’s second-biggest investor Schroders (LON:) said on Thursday it plans to vote against the British company’s $4.6 billion sale of the North American bus businesses to private equity firm EQT (NYSE:), joining top investor Coast Capital in opposing the deal.

“After careful consideration of the merits of the proposed sale of First Student and First Transit, we have the intention of voting against the deal as it stands, as we believe it undervalues these businesses,” a Schroders spokesperson said.

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