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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  G4S plc    GFS   GB00B01FLG62

G4S PLC

(GFS)
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G4S : urges shareholders to accept Allied deal as bid battle ends

02/23/2021 | 02:52am EST

(Corrects to say deal does not require UK approval in paragraph 7)

* G4S recommends vote for Allied's final offer

* Allied offer open for acceptance until March 16

* Says acceptance level lowered to 75% from 90%

Feb 23 (Reuters) - British private security group G4S on Tuesday urged shareholders to accept Allied Universal's 3.8 billion pound ($5.4 billion) final offer after the end of the U.S. bidder's drawn-out takeover battle with Canada's GardaWorld.

Hostile bidder GardaWorld had called a halt to the contest on Monday by telling the UK's Takeover Panel it would not increase its December bid of 235 pence per share for the world's largest private security company.

Allied on Tuesday said it would not increase the 245 pence per share offer it announced on Dec. 8, making it the final bid.

G4S had backed that offer last year after repeatedly rejecting GardaWorld's hostile advances, but low shareholder acceptance forced repeated extensions to offer deadlines.

"G4S directors unanimously recommend that G4S shareholders accept the final Allied Universal offer," The London-listed company said.

Allied on Tuesday extended its offer deadline to March 16 and the acceptance condition was lowered to 75% from 90% in nominal value and voting rights.

It has largely obtained the required antitrust regulatory approvals in the United States and European Union (EU), Allied Universal added. The deal does not require approval from Britain since the EU clearance was obtained before the Brexit deadline.

"The biggest issue now is probably the pension deficit in the UK, which has constricted M&A deals in the recent past involving G4S UK businesses," said Morningstar analyst Michael Field.

G4S last year sold most of its cash-handling business to rival Brinks Co but held on to the UK operations with attached pension obligations.

In its offer document, Allied said it planned to evaluate the possibility of exiting the prison business, where G4S has faced problems in the past, and some other markets, such as Iraq, Afghanistan, Sudan and Uganda.

"Allied will have to work with the pension trustees to come to an arrangement if it wishes to divest anything here (in the UK)," Field added.

Shares in G4S traded flat at 242 pence at 0855 GMT. ($1 = 0.7102 pounds)

(Reporting by Yadarisa Shabong in Bengaluru Editing by Rashmi Aich and David Goodman)


© Reuters 2021
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Financials
Sales 2020 6 870 M 9 534 M 9 534 M
Net income 2020 408 M 566 M 566 M
Net Debt 2020 1 495 M 2 075 M 2 075 M
P/E ratio 2020 9,37x
Yield 2020 1,38%
Capitalization 3 753 M 5 235 M 5 208 M
EV / Sales 2020 0,76x
EV / Sales 2021 0,72x
Nbr of Employees 533 000
Free-Float 97,8%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 7
Average target price 248,00 GBX
Last Close Price 242,70 GBX
Spread / Highest target 16,6%
Spread / Average Target 2,18%
Spread / Lowest Target -3,17%
EPS Revisions
Managers and Directors
NameTitle
Ashley Martin Almanza Chief Executive Officer & Executive Director
Timothy Peter Weller Chief Financial Officer & Executive Director
John P. Connolly Non-Executive Chairman
Steven Lewis Mogford Senior Independent Non-Executive Director
Barbara Rose Milian Thoralfsson Independent Non-Executive Director
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