Feb 6 (Reuters) - British security group G4S will
hold talks with the City's takeover panel, the Telegraph
reported on Saturday, which could lead to a head-to-head auction
between North American peers GardaWorld and Allied Universal for
the company's buyout.
Canada's GardaWorld and U.S.-based Allied last month
extended their buyout offer periods for G4S's shareholders to
accept their individual offers, even as the British company's
board had already accepted Allied's takeover bid.
GardaWorld was in talks to raise more money to sweeten its
last bid of 235 pence a share for G4S, the Telegraph reported https://www.telegraph.co.uk/business/2021/02/06/g4s-talks-head-to-head-takeover-auction,
citing City sources. Allied's offer is 10 pence higher.
However, the Telegraph reported that the City expected
GardaWorld to return well above Allied's offer, with G4S shares
having closed at 261.1 pence on Friday on the London Stock
Exchange.
G4S has restructured its business following a series of
setbacks, and the bidding war between the U.S. and Canadian
companies for the firm began when GardaWorld made its offer for
G4S public on Sept. 14.
(Reporting by Derek Francis in Bengaluru; Editing by Nick
Macfie)