Allied extends deadline again for G4s shareholders

Allied universal on Tuesday extended for a second time its deadline for shareholders of G4S to accept its buyout offer, prolonging a bidding war with Canadian rival Gardaworld for the british private security services firm.

G4S shareholders now have until March 6 to back u.s.-based Allied’s offer of us$3.36 (245 pence) per share, which the London-listed company had accepted in december. Allied previously extended the initial deadline of Jan. 26 to Feb. 9.

Montreal-based Gardaworld’s offer deadline ends Wednesday, unless extended for the sixth time. G4S had rejected Gardaworld’s hostile takeover bid of 235 pence per share in favour of Allied’s bid, which was 10 pence higher, valuing one of the word’s largest private security companies at 3.8 billion pounds.

earlier on Tuesday, G4S reported new and retained contracts worth 5.5 billion pounds (us$7.58 billion) and said its fourth-quarter performance was “strong.”

G4S also said its cash flow benefited from COVID-19 payroll and indirect tax deferrals of about 110 million pounds.

On Saturday the Telegraph reported that G4S planned to hold talks with the City’s takeover panel, which could lead to a headto-head auction between North American peers Gardaworld and Allied universal.

Gardaworld was in talks to raise more money to sweeten its last bid of 235 pence a share for G4S, the Telegraph reported, citing City sources.

However, the Telegraph reported that the City expected Gardaworld to return well above Allied’s offer, with G4S shares having closed at 261.1 pence on Friday on the London Stock exchange. It closed Tuesday at 261 pence.

G4S has restructured its business following a series of setbacks, and the bidding war between the u.s. and Canadian companies for the firm began when Gardaworld made its offer for G4S public on Sept. 14.