G4S: Allied Universal extends deadline for offer
(CercleFinance.com) - Allied Universal is extending the deadline for its tender offer to acquire British security group G4S, after failing to get shareholder backing for the deal.
Allied on Wednesday extended its deadline to 9 February, after just 0.8% of G4S's shareholders tendered their shares before 26 January, the first deadline the company set in its efforts to acquire its rival.
Last month G4S snubbed a 3.7 billion pound offer by Canada's GardaWorld and recommended that shareholders approve the higher bid from US-based Allied Universal.
Allied Universal, a provider of facility services and security, which is backed by Wendel, is offering shareholders 245 pence in cash per G4S share. Note, however, that the stock is currently trading at about 260 pence.
The European Commission cleared the deal two weeks ago.
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