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Takeover of G4S by US company seeming increasingly likely

24 February 2021

American company Allied Universal Security seems to be set to take over G4S, after Canadian rival GardaWorld declined to increase its previous offer for the business, according to The Guardian.

The newspaper reported yesterday that Allied Universal Security's offer of £3.8bn for the business would not be matched by its Canadian rival.

G4S share prices had increased during the bidding process between the two companies, but this has now concluded following GardaWorld's statement that it would be increasing its £3.68bn offer.

Following the apparent end of the bidding process, its share price fell by 10% to 243p per share.

The bidding process was the result of the process called for by the UK Takeover Panel.

According to The Guardian, GardaWorld founder and chairman Stéphan Crétier stated his company refused to "overpay for a company with systemic [environmental, social and governance] issues that continue to come to light".

He further stated that "there are better and less risky opportunities available" for the business to purchase.

Contracts operated by G4S include the running of four British prisons, managing 21 of the UK Covid-19 testing centres and the new Hinckley Point C nuclear power station, although the majority of its work is in the commercial sector.

The Allied Universal offer was lodged in December and amounts to 245p a share, slightly above the current G4S share price.

The G4S board of directors has recommended to shareholders that the offer is accepted and is awaiting a vote by shareholders.

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