A G4S security van in Loughborough, the UK. Picture: REUTERS/DARREN STAPLESG4S, the world's largest security company, said on Tuesday it had rejected a takeover proposal from US competitor Allied Universal Security Services, with the company now at the centre of a potential tussle between two suitors.
G4S recommended last week that shareholders reject Garda’s bid, which is backed by private equity firm BC Partners, calling the offer of 190p per share “wholly inadequate”. Bloomberg News reported in October that G4S was approaching firms including Allied Universal in an attempt to solicit rival offers to Garda.
Garda, in a statement on Tuesday, sought to cast doubt over Allied Universal’s credentials, and criticised G4S management’s handling of the situation. Such a tie-up would face “insuperable” antitrust issues, it said, adding that Garda’s offer has been made public, unlike its rival’s.