(Sharecast News) - Security firm G4S on Wednesday rejected an increased offer from Canada's GardaWorld, just hours after accepting a rival higher bid from US firm Allied Universal.
GardaWorld last week increased its offer to 235p a share from 190p. G4S on Tuesday night said it agreed to recommend a 245p-a-share bid from Allied that values the company at around £3.8bn.
The Allied price represents a premium of approximately 68% to the closing share price of G4S on September 11, which was the start of the offer period. G4S said its directors deemed the offer to be "fair and reasonable" and intend unanimously to recommend that shareholders accept it.
The combination of the two companies will create "a world-leading" integrated security business with revenues of around $18bn, a strong international platform and an extensive portfolio of blue-chip clients across the public and private sectors, G4S said.
Chief executive officer Ashley Almanza said: "G4S has been transformed into a focused global leader in security services with market-leading solutions and a blue-chip customer base that is served by a dedicated and talented team of over 530,000 employees.
"The combination of G4S and Allied Universal creates the global leader in security with over 750,000 employees, industry leading capabilities and unrivalled market coverage."
13 Apr 2021 11:31
Allied Univeral closes in on G4S takeover as acceptance reaches 90%
Allied Univeral closes in on G4S takeover as acceptance reaches 90%
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