G4S to hold talks for head-to-head takeover auction

© Reuters. FILE PHOTO: File photo of a G4S security van parked outside a bank in Loughborough

(Reuters) – British security group G4S (CSE:) 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.