Dec 8, 2020

G4S board agrees £3.8bn takeover bid from Allied Universal

UK security group G4S has agreed a £3.8bn bid from its US-based rival, Allied Universal, after months of being targeted by Canada's GardaWorld in a hostile takeover campaign. The 245p-per-share offer from Allied is "Fair and reasonable", G4S said in a statement on Tuesday in which it urged shareholders to support the deal. "The combination of G4S and Allied Universal creates the global leader in security," G4S chief executive Ashley Almanza said. G4S runs prisons, detention centres for asylum seekers, and provides guards for embassies as well as Covid-testing centres in the UK. Given what G4S management has claimed about the value of the business we might have expected them to hang on for a higher number. Allied's bid values G4S at about £3.8bn, higher than the £3.7bn offer from GardaWorld.

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