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G4S plc rejected a $4.3 billion offer by Santa Ana-based Allied Universal Security Services LLC for a deal that would create the world’s sixth-biggest employer.

Allied on Oct. 28 offered at least 210 pence per share, London-based G4S said today in a statement. Shares of G4S (LON: GFS) today gained 3.2% to 211.20 pence, giving the company a market value of US$4.3 billion.

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G4S said it has engaged with Allied and an independent consultant to establish a process through which “commercially de-sensitised information” may be provided to Allied, although to date no information has been provided to Allied.

“The Board carefully considered this Proposal with appropriate advice from the Company's financial and legal advisers and rejected it on the basis that the highly conditional offer, at 210p per share, significantly undervalues G4S and its prospects,” the company said in a statement on its website.

A deal between the two companies would result in a company with 773,000 employees, which would be just behind Amazon.com.