G4S confirms superior proposed offer made by Allied Universal has also been rejected

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G4S plc (LON:GFS) said it last week received and rejected a conditional proposed takeover offer from Allied Universal Security Services at a price of “at least 210p” per share.

The FTSE 250-listed security group said US-based competitor Allied made a “highly conditional indicative offer… subject to substantial due diligence”, which compares to the rival 190p hostile offer from Canada’s GardaWorld.

Having considered the proposal and taken advice from its financial and legal advisers, G4S said the board rejected it on the basis that the price “significantly undervalues G4S and its prospects”.

The UK security group said its board has, since the initial expression of interest from Allied in early October, it has held talks with Allied and an independent consultant “to establish a process through which commercially de-sensitised information may be provided to Allied (or any other offeror)”, though no information has yet been provided through this process.

G4S shareholders are set to vote on whether to accept the GardaWorld offer, with a deadline set for 1pm on November 7. 

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