(Alliance News) - G4S PLC on Tuesday said the offer by Allied Universal Topco LLC to acquire the London-based security services provider is now unconditional.
Allied Universal announced separately that it received the green light from G4S for a cash offer of 245 pence per G4S share, for 1.23 billion shares, representing approximately 79% of the company's issued share capital.
This leaves the offer sitting at a consideration of around GBP3.00 billion. G4S's market capitalisation is about GBP3.79 billion. The stock closed up 0.7% at 244.50 pence each in London on Tuesday.
"The combination of G4S and Allied Universal creates the global leader in security with revenues of over USD18 billion, industry leading talent and expertise and unmatched market coverage. This unique combination will offer customers exceptional service and provides employees with an exciting future," said G4S Chief Executive Ashley Almanza.
The offer was made by Atlas UK Bidco Ltd, a newly incorporated entity that is indirectly controlled by Allied Universal.
On Friday, Allied Universal Security Services LLC urged G4S shareholders to accept its takeover bid, after having lowered the acceptance condition for its offer to buy the company to 50% plus one share.
Allied Universal last Monday had lowered the acceptance condition for its offer from 75% previously, as it looked to finalise the GBP3.8 million takeover deal which the G4S board agreed to back in December.
Garda World Security Corp made an offer for G4S back in December, which has now lapsed.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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