Allied Universal Gives G4S Investors Deadline to Accept Takeover
An offer from Allied Universal to take over security firm G4S has been given an imminent deadline of March 16 at 1 p.m. London time.
SANTA ANA, Calif. — Allied Universal Security said Friday its offer to acquire security firm G4S has been given an imminent deadline.
G4S shareholders have until March 16, 1300 GMT, to accept Allied Universal’s $5.3 billion takeover bid, after which time the current offer will lapse. The deadline comes nine months after the battle for G4S began when Garda World of Canada first approached the board with a takeover proposal.
On March 8, Allied Universal announced it was lowering the acceptance condition for its offer to buy the London-based security services provider from 75% to 50% plus one share.
With operations in 83 countries, G4S staffs around 530,000 employees, providing guarding to embassies, prisons and justice services, sports stadiums and music events. Combining the two companies would create one of the world’s largest private-sector employers.
Allied Universal’s operations comprise more than 265,000 security guards, and remote video and alarm systems that protect sites across industries ranging from petrochemicals to retail in the U.S., Mexico and the U.K. The G4S acquisition would strengthen Allied’s existing operations in the U.S. and the U.K., while extending its reach into markets in continental Europe, the Middle East and Africa.
Allied Universal said in Friday’s announcement it had obtained substantially all of the required antitrust and regulatory approvals and foreign direct investment clearances to consummate the transaction.
In February, a bidding war for G4S between Allied Universal and GardaWorld ended when Allied’s bid of GBP 3.8 billon at 245 pence per share won an auction as GardaWorld chose not increase its offer of 235 pence per share.
G4S’ board has supported Allied’s bid and has made a recommendation for its shareholders to vote to accept the acquisition.
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