Feb 22, 2021

GardaWorld will not raise offer for G4S

Security group GardaWorld said it will not raise its offer for UK-listed rival G4S, in a move that is likely to end a hostile takeover campaign that it has been pursuing for months. While GardaWorld's 235p-per-share offer still stands, it has been trumped by rival Allied Universal, which has already agreed a higher 245p offer with G4S's board. GardaWorld's chief executive Stephan Crétier has criticised G4S for months, saying new ownership was needed after "Scandals, crises and lawsuits" and calling the company "Deeply troubled". The announcement came on the first day of a scheduled five-day auction process that Britain's takeover regulator had agreed to hold to resolve what has become a rancorous bidding war for G4S. GardaWorld said in December, after the Allied deal was agreed, that it was weighing up a higher offer. In a statement on Monday Stephan Crétier, chief executive of GardaWorld, said successfully integrating G4S would require "Sizeable resources," adding that "Without satisfactory engagement from G4S we have been unable to complete our due diligence."

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