UPDATE: G4S Auction Ends As Garda, Allied Universal Say Offers Final

(Alliance News) - Security services firm Garda World Security Corp on Monday said it has decided ...

Alliance News 22 February, 2021 | 9:56AM
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(Alliance News) - Security services firm Garda World Security Corp on Monday said it has decided to stand firm with its previously announced increased offer for G4S PLC.

Rival bidder Allied Universal also confirmed to the UK Takeover Panel that it will not revise its offer.

As a result the UK Takeover Panel said the auction procedure that it had declared for G4S has now ended.

G4S shares were trading 9.8% lower in London on Monday at 242.60p each.

Back in December, Garda declared an increased and final cash offer of 235 pence per share for G4S, valuing the London-listed security services firm at GBP3.68 billion.

GardaWorld subsidiary Fleming holds 24.1 million G4S shares, a 1.6% stake. In addition, it has received acceptances of its offer for 25.1 million shares, also reflecting a 1.6% interest.

On Monday, GardaWorld's said its increased offer is final and will not be revised.

"There can be no better owner for G4S than GardaWorld, but we are disciplined buyers and we will not overpay for a company with systemic ESG issues that continue to come to light," said GardaWorld Founder, Chair & Chief Executive Officer Stephan Cretier, without elaborating on the environmental, social & governance issues to which he was referring.

Last month, G4S agreed to be taken over by Allied Universal in a GBP3.8 billion deal.

Under the offer made by Atlas UK Bidco Ltd - which is indirectly controlled by Allied Universal - G4S shareholders will be entitled to receive 245p in cash for each share held.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
G4S PLC 242.80 GBX 0.04

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