12th Mar 2021 10:47
(Correcting that Allied Universal lowered the acceptance condition for its offer on Monday.)
(Alliance News) - Allied Universal Security Services LLC on Friday urged G4S PLC shareholders to accept its takeover bid, after having lowered the acceptance condition for its offer to buy the London-based security services provider to 50% plus one share.
Allied Universal on Monday had lowered the acceptance condition for its offer from 75% previously, as it looks to finalise the GBP3.8 million takeover deal which the G4S board agreed to back in December.
The offer was extended until Tuesday next week at 1300 GMT, but Allied Universal confirmed on Friday that this is the final closing date and the offer will lapse if it doesn't reach the new acceptance threshold. It urged shareholders to accept the offer as soon as possible.
Under the offer made in December by Atlas UK Bidco Ltd - which is indirectly controlled by Allied Universal - G4S shareholders can 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 flat at 243.50p in London on Friday.
By Zoe Wickens; [email protected]
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