Britain based security company G4S Plc. (LON: GFS) has turned down a takeover bid from its U.S based competitor Allied Universal Security Services. Bloomberg News was the first to report on the matter citing having secured the information from reliable sources.
According to the post by Bloomberg, G4S rejected Allied Universal’s takeover bid due to some reasons. G4S says the bid was too low and additionally Allied Universal did not engage with G4S on the matter.
Nonetheless, G4S is currently on another hostile takeover battle with Canada based GardaWorld (GW).
GardaWorld offered G4S 190 pence per share offer valuing it at 2.97 billion pounds ($3.84 billion). G4S rejected the deal terming it ‘unattractive and opportunistic’.
Allied Universal’s bid was however greater than GardaWorld’s since it was offering up to 210 pence per share. This price would have given G4S a market valuation of 3.25 billion pounds