Security outsourcing company G4S is expected to be acquired by Allied Universal Security Services after competing Canadian contender GardaWorld announced it would not increase its existing offering in order to surpass the US company’s £ 3.8 billion offer .
G4S, which operates four UK prisons and manages 21 UK Covid-19 test centers, saw shares jump as the long-running bidding war between GardaWorld and Allied Universal intensified.
However, on Monday, GardaWorld announced that it would not increase its 235p per share offering, which G4S values at £ 3.68 billion (£ 2.61 billion), ending the auction process requested by the UK takeover panel.
The company said that while it believes there is no “better” owner for G4S, it would not overpay for a company facing environmental, social and governance scandals.
“We’re disciplined buyers and won’t overpay for a company with a system [environmental, social and governance] Problems that keep coming to light ”, said Stéphan Crétier, …