Allied Universal gets go-ahead to buy G4S

According to a report published Tuesday by Reuters, Allied Universal has received the green light from G4S shareholders to acquire the company. About 79 per cent of G4S shareholders accepted Allied Universal’s bid, worth US$5.28B. According to the article:

“The merger between G4S and private-equity backed Allied Universal would create the world’s largest private security company, employing more than 750,000 security guards and other staff across dozens of countries, while also strengthening its presence in the United States.”

Speculation regarding G4S’s potential acquisition was sent into overdrive last year when rival GardaWorld announced a $5.2B (Cdn.) cash offer for the company. A bidding war ensued between GardaWorld and Allied Universal until GardaWorld relented and company CEO Stephan Cretier said he would not overpay for an asset.