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G4S Board Recommends Accepting Allied’s $5.1B offer

G4S plc said its board recommends shareholders accept a $5.1 billion offer by Santa Ana-based Allied Universal Security Services LLC for a deal that would create the world’s sixth-biggest employer.

Privately held Allied Universal, the largest security firm in North America, offered 245 pence in cash for each share, G4S said today in a statement on its website. Shares of G4S (LON: GFS) today gained 3.2% to 255.30 pence on the London Stock Exchange.

“The G4S Directors intend unanimously to recommend that G4S shareholders accept the offer,” the London-based company said.

G4S shareholders still need to approve the deal. The companies expect to close the deal in the first quarter of 2021.

The offer represents a 68% premium to Sept. 11 when bidding began by a rival security company, Garda World Security Corp., a Quebec-based private security firm with 102,000 employees. Garda World, which has offered 235 pence, can still counter with a higher bid.

A deal between Allied and G4S would result in a company with 773,000 employees, which would be just behind Amazon.com.

Peter J. Brennan
Peter J. Brennan
Peter J. Brennan has been a journalist for 40 years. He spent a decade in Latin America covering wars, narcotic traffickers, earthquakes, and business. His resume includes 15 years at Bloomberg News where his headlines and articles sometimes moved the market caps of companies he covered by hundreds of millions of dollars. His articles have been published worldwide, including the New York Times and the Washington Post; he's appeared on CNN, CBC, BBC, and Bloomberg TV. He was awarded a Kiplinger Fellowship at The Ohio State University.
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