12th Mar 2021 08:55
(Alliance News) - G4S PLC on Friday said Allied Universal Security Services LLC has lowered the acceptance condition for its offer to buy the London-based security services provider to 50% plus one share.
G4S said this is down from 75% previously, as Alliance Universal looks to finalise the GBP3.8 million takeover deal which the G4S board agreed to back in December.
The offer was extended on Monday until next Tuesday at 1300 GMT, but Allied Universal said this is the final closing date and the offer will lapse if it doesn't reach the new acceptance threshold.
Under the offer made in December by Atlas UK Bidco Ltd - which is indirectly controlled by Allied Universal - G4S shareholders will be entitled to receive 245 pence in cash for each share held. This values G4S at GBP3.8 billion and represents a 68% premium to G4S's closing price on September 11, the last business day before the offer period commenced.
The offer also represents a 4% premium to security services company Garda World Security Corp's rival offer of 235p per share, valuing G4S at GBP3.68 billion.
Shares in G4S were up 0.1% at 243.60p in London on Friday.
By Zoe Wickens; [email protected]
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