• Fri. Jan 22nd, 2021

G4S backs £3.8bln US takeover.

ByRinevershirlley

Dec 9, 2020
G4S backs £3.8bln US takeover

G4S announced in a statement posted on the London Stock Exchange that its “unanimously recommending” board Allied’s new offer. However this is worth the equivalent of $5.1 billion or 4.2 billion euros, after concluding that 245 pence per share seemed “fair and reasonable”.

The UK security titan also that it has rejected GardaWorld’s improved £3.7-billion bid. Therefore it was lodged last week and pitched at 235 pence per share.

The combined company will also total revenues of around $18 billion with a “world-leading” integrated security business and a strong international platform.

security

“The combination of G4S and Allied Universal creates the global leader in security with over 750,000 employees, industry leading capabilities and unrivalled market coverage,” said G4S Chief Executive Ashley Almanza in the statement.

G4S backs £3.8bln US takeover
G4S backs £3.8bln US takeover

“This unique and compelling combination will offer customers exceptional service and provides employees with an exciting future.”

The London-listed company had already turned down a £3.25-billion proposal from Allied in early November, arguing that this conditional approach had undervalued its prospects

”The group seemed “delighted” to win the board’s recommendation.” Steve Jones, president and chief executive of Allied Universal, added on Wednesday.

“Our businesses know each other well. We share a similar culture and values. I am excited about what the combination of Allied Universal and G4S can deliver,” he said.

“G4S offers excellent service offering, an enviable global customer portfolio and a highly experienced management team leads it.”

G4S, faced a takeover tussle between Allied and GardaWorld with both suitors pledging to vastly improve its tarnished image. It employs 533,000 staff across 85 countries, had

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The company had mismanagement at the US military’s Guantanamo prison camp and in the West Bank as accused hence mostly linked to allegations of mistreatment by staff in the UK

Henceforth the company became an attractive buying opportunity after its share price hit a 16-year low earlier this year.