G4S acquires £ 3.8 billion from Allied Universal Security Services

Security outsourcing firm G4S appears poised to be acquired by Allied Universal Security Services, after Canadian rival GardaWorld said it would not increase its current bid to exceed the US company’s £ 3.8 billion bid.

G4S, which operates services including managing four British prisons and managing 21 Covid-19 testing centers in the UK, has seen its inventory increase as the long-running bidding war between GardaWorld and Allied intensifies. Universal.

However, on Monday, GardaWorld said it would not increase its 235p share offering, which valued G4S at 3.68 billion pounds (2.61 billion pounds), ending the auction process called by the UK procurement committee.

The company said that while it believes there is no “better” owner of the G4S, it will not overpay a company facing environmental, social and governance scandals.

“We are disciplined buyers and we will not overpay a regulated company [environmental, social and governance] “The issues that are still coming to light,” said Stefan Cretier, founder and president of GardaWorld. “There are better and less risky opportunities available for GardaWorld.”

G4S faced severe criticism after it was stripped of several government contracts, including HMP’s management of Birmingham, but most of its work is in the corporate sector. G4S administers cash handling services and provides security operations to clients, including the new Hinckley Point C nuclear power plant.

GardaWorld’s final offer falls short of US competitor Allied Universal’s offer for Allied Universal in December, which the G4S board of directors recommended to shareholders to vote to accept.

G4S employs 533,000 employees in 85 countries, with its largest business in North America. The managers of Allied Universal and G4S said the combined company will create a “world-leading integrated security company with nearly $ 18 billion in revenue.” [£12.8bn at today’s conversion rate]”.

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The company’s share price closed nearly 10% lower at 243 pence, just below Allied Universal’s per share width.

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