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Bus and train company FirstGroup said it would consider selling its US bus businesses if it received a credible offer.
The company was responding to criticism from activist investor Robert Tchenguiz, who has a 4.7% stake in the company, about its strategy.
FirstGroup had previously said it would try to sell its Greyhound business in the US as part of a move to actively manage its asset portfolio.
Tchenguiz, however, claimed that management's strategy was still confusing and urged it to sell its other, more profitable US bus assets -- First Student and First Transit.
FirstGroup said it had noted Tchenguiz's comments concerning First Student and First Transit.
'The board has been consistent and clear that the objective is to realise value and therefore were a credible and deliverable offer to be received for these or any other business in the portfolio then, of course, the board would give that serious consideration,' it said.
Tchenguiz said one of FirstGroup's competitors in the US had recently received an attractively priced investment in the billions from North American pension funds.
'Clearly, the rationale of a vibrant US business which is being managed in Aberdeen, six time zones away, is not the most effective or efficient management strategy,' Tchenguiz said. At 1:15pm: (LON:FGP) FirstGroup PLC share price was -0.5p at 113.2p