Almost everyone is a loser from the bitterly-fought battle for control of UK-quoted security group G4S.
If investors approve the £3.8billion offer from private equity-backed Allied Universal, then command and control of the world s largest security company, employing 530,000 people, would pass to the Pennsylvania firm.
G4S is not a much-loved company. Well-documented staffing and training difficulties were the nearest the London Olympics in 2012 came to meltdown.
Under the microscope: G4S has been involved in a series of scandals ranging from losing the Birmingham prison contract to scandalous overbilling for electronic tagging
It has been involved in a series of scandals ranging from losing the Birmingham prison contract, after violent eruptions, to scandalous overbilling for electronic tagging.
Allied bid wins G4S auction after long battle with GardaWorld
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G4S suitor says £3 7bn bid will not be increased due to governance issues
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The £4 billion auction for security giant G4S between AlliedUniversal of the US and Canada’s GardaWorld ended as soon as it began today as the Canadians refused to up their offer. City adjudicator, The Takeover Panel, unusually intervened in the bidding war after numerous bids or counterbids because neither side would declare their offers “final”. But today, GardaWorld threw in the towel, saying they would not go beyond 235p a share. That will.
G4S takeover auction ends as both suitors say latest offers are final 22/02/2021, 8:59 am
Bidding for G4S has closed, with GardaWorld and Alliance Universal both saying their offers for the firm are final (John Linton/PA)
Canadian security giant GardaWorld and US rival Allied Universal have said they will not be increasing their respective £3.7 billion and £3.8 billion bids for G4S, bringing an auction process to an end.
GardaWorld said anything higher than 235p-a-share would overvalue G4S due to a series of unspecified corporate governance issues at the firm.
Allied Universal confirmed its 245p-a-share offer, which has already been accepted by G4S, is final.