Security group GardaWorld on Wednesday extended the buyout offer period for rival G4S for a sixth time, prolonging a bidding war with U.S.-based Allied Universal for the British private security services firm.
G4S had rejected GardaWorld’s offer of 235 pence per share in favour of Allied’s bid, which was 10 pence higher and valued the private security company at 3.8 billion pounds ($5.26 billion).
G4S shareholders have until March 6 to accept GardaWorld’s offer. Allied Universal on Tuesday also extended its offer deadline to March 6.
G4S said on Wednesday GardaWorld’s deadline extension did not change its recommendation that shareholders accept Allied Universal’s offer.
The Telegraph reported over the weekend that G4S would hold talks with the City’s takeover panel, a move that could lead to a head-to-head auction between the North American bidders for the company’s takeover.
The bidding war between the U.S. and Canadian companies for G4S began in September when GardaWorld made its offer for the British company public.
