British private security firm G4S has rejected a takeover proposal from U.S. rival Allied Universal Security Services, Bloomberg News reported on Monday, citing people with knowledge of the matter.
G4S, which is currently in a hostile takeover battle with Canada’s GardaWorld, rejected Allied Universal’s proposal last week as too low and didn’t engage with the company, according to the report.
G4S, one of the world’s largest private security companies, has also repeatedly rejected GardaWorld’s 190 pence per share offer valuing it at 2.97 billion pounds ($3.84 billion), calling it “unattractive and opportunistic”.
U.S.-based Allied Universal’s proposal was above Garda’s bid of 190 pence per share and closer to 210 pence per share, Bloomberg reported.
At 210 pence per share, G4S would be valued at 3.25 billion pounds, based on Reuters calculations.
G4S and Allied Universal did not immediately respond to Reuters’ requests for comment.
Source: Reuters.com