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Coast Capital Management has urged fellow shareholders in British transport company FirstGroup to reject the proposed 3.3 billion pound ($4.6 billion) sale of two North American bus operations, saying the sale process was “suboptimal and incomplete.”

Coast said in a Monday open letter that shareholders should vote down FirstGroup’s deal with buyout shop EQT Infrastructure at the upcoming May 27 meeting unless the offer currently on the table is “rapidly and substantively improved.”

A month ago, FirstGroup struck an agreement with EQT to sell its First Student, one of the largest school bus operators in the U.S., and First Transit, which provides outsourced public transport, for 3.3 billion pounds ($4.6 billion), including debt.

Coast said on Monday that the two units, which accounted for 40% of the group’s revenue last year and 62% of the operating profit, were valued at a “significant negative premium to their book value,” in the deal, which the activist contended was the result of a “questionable and non-exhaustive sale process.”

Coast noted that the transaction was not well received by markets, with FirstGroup’s stock plunging more than a fifth in the days after it was announced on April 23. The company’s shares initially jumped more than 18% on the news but gave up most of the gains by the end of the session on April 23 and shed more value in the following days.

The activist also took issue with FirstGroup’s planned shareholder payout tied to the sale. FirstGroup promised to hand out 365 million pounds ($505 million), about 10% of the deal’s headline price, to shareholders.

Coast proposed a payout of 600 million pounds ($850 million) via a buyback at a price of 110 pence per share, saying this would be more efficient from a tax perspective than a dividend.

According to the activist, this could prop up the stock to as high as 180 pence. FirstGroup’s shares traded at 81.61 pence as of 10:20 a.m. British Summer Time on Tuesday.

Coast asked FirstGroup to rerun the sale process if a better offer from EQT cannot be obtained, arguing the recently announced $2.3 trillion infrastructure bill by the Biden administration is poised to help the two businesses fetch a higher bid.

However, the company sees the situation differently. FirstGroup said in a Tuesday statement that the activist’s letter contains “numerous inaccuracies and speculations.” The company defended the sale, saying it “achieves a full value which looks beyond the effects of the pandemic” and came after a “well-publicised, comprehensive, and competitive process” that entailed discussions with as many as 40 potential buyers.

The company also said that the return policy was designed to “balance” returning value to shareholders while also ensuring liabilities are covered and the balance sheet strengthened. FirstGroup claimed this approach would enable it to pay “a progressive annual dividend from 2023.” The transportgroup intends to first use the proceeds to plug a hole in its pension fund and pay down debt, a plan Coast suggested would not be endangered by its own proposals.

FirstGroup kicked off a review of its two prized U.S. businesses last year after being pressured by Coast to do so. The activist previously masterminded the ousting of former chairman Wolfhart Hauser.