(Alliance News) - G4S PLC on Tuesday said its directors have recommended shareholders accept the offer of 245 pence per G4S share from Atlas UK Bidco Ltd, which was declared final.
In January, London-listed security services firm G4S agreed to be taken over by Allied Universal Topco LLC in a GBP3.8 billion deal, but the cash offer was pushed back at the time until March 6. Now, it has been further extended and will remain open for acceptance until March 16.
As part of its offer, Allied Universal, which indirectly controls Atlas UK Bidco, said it has lowered the acceptance condition for its offer for G4S to 75% from 90% in nominal value and voting rights of G4S shares. It said this will provide "significantly" increased deal certainty for G4S shareholders.
Shares in G4S were flat at 242.60p in London on Tuesday.
GardaWorld Security Corp on Monday confirmed to the UK Takeover Panel that it would not revise its rival final offer of 235p per share, which it put forward in December. This valued G4S at GBP3.68 billion. Allied Universal also confirmed to the UK Takeover Panel that it would not revise its offer.
As a result the UK Takeover Panel said on Monday the auction procedure that it had declared for G4S had ended.
Fleming, a subsidiary of GardaWorld, holds 24.1 million G4S shares, a 1.6% stake. In addition, it had received acceptances of its offer for 25.1 million shares, also reflecting a 1.6% interest.
"The combination of Allied Universal and G4S will create a world-leading, integrated security business that is ideally positioned to meet customers' evolving security needs. Together, we will be able to serve our clients on a truly global basis, delivering the highest standards of professionalism. We are looking forward to working with the G4S management team to ensure a seamless integration and to create a business that delivers enhanced value for all of our stakeholders," said Allied Universal Chief Executive Steve Jones.
By Zoe Wickens; zoewickens@alliancenews.com
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