Cash Bid for FirstGroup?

Shares in FirstGroup increased in price this week, based on the rumour that a private equity group might be considering a bid at around 170p per share.
The following article was published on the 'This is Money' website:-

"Responding to growing speculation that a cash-rich private equity player could be about to climb aboard the Aberdeen-based bus and train operator, punters chased FirstGroup 7p higher to 111.9p in active trading.
Rumours of a cash bid in the region of 170p a share did the rounds as dealers took the view it could be possible now that the transport group’s balance sheet is a lot stronger following the recent heavily discounted £615million rights issue at 85p a pop.
FirstGroup saw an 87.6 per cent take-up by investors of the fund-raising, which came hard on the heels of the £80m sale of its London bus depots to Metroline.

It appears that the board has successfully refinanced the group and the turnaround looks near-complete, making it look ripe for takeover. Private equity groups would be more than happy to get their hands on the company’s US interests. First Student is the leading private sector provider of student transportation services, serving more than 1,500 school districts on three year contracts."

 http://www.thisismoney.co.uk/money/markets/article-2387280/MARKET-REPORT-FirstGroup-track-deal.html