G4S TO HOLD TALKS FOR HEAD-TO-HEAD TAKEOVER AUCTION

U.K. security group G4S will hold talks with the City’s takeover panel, the Telegraph reported on the weekend, which could lead to a head-to-head auction between North American peers Gardaworld and Allied universal for the firm’s buyout. Montreal-based Gardaworld and u.s.-based Allied last month extended their buyout offer periods for G4S’S shareholders to accept their individual offers, even as the u.k. company’s board had already accepted Allied’s bid. Gardaworld was in talks to raise more money to sweeten its last bid of 235 pence ($4.11) a share for G4S, the Telegraph reported, citing City sources. Allied’s offer is 10 pence higher. However, the Telegraph reported the City expected Gardaworld to return well above Allied’s offer, with G4S shares having closed at 261.1 pence ($4.57) on Friday in London.