Garda World Security Revises Cash Offer For G4S To 235p/share, Says Its Final
Garda World Security Corp., which has offered to acquire security company G4S plc (GFSZY.PK,GFS.L), on Wednesday said it has raised its final cash offer to 235 pence per G4S Share, valuing the company at 3.68 billion pounds.
The company also reduced its acceptance condition to 50% plus one G4S Share from 90%. The company has set the deadline for acceptances on December 16.
Garda World, through its unit Fleming Capital Securities Inc., made the offer, saying its final.
Garda World also said it has reached an agreement with the G4S UK Pension Trustee on a 770 million pounds support package comprising cash and other measures.
The proposed acquisition has been cleared by competition regulators in both the United States and the European Union a
According to Garda World, the revised offer represents an immediate premium of approximately 130 percent to the closing price of 102 pence per G4S Share on June 12, being the last Business Day prior to the first approach made by GardaWorld.
It also represents a premium of 61 percent to the Closing Price on September 11, being the last Business Day before commencement of the Offer Period.
G4S last week had urged shareholders to take no action in relation to GardaWorld’s offer, noting that the company is now well-positioned to accelerate sustainable profitable growth, and is confident to deliver financial targets including free cash flow in excess of 1 billion pounds from 2021 to 2025.
Bitcoin Steadies After Failing to Reach the Key $20,000 Level
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Bitcoin pared a drop after earlier flirting with the $20,000 level and falling back as investors took profits from its surge this year.
The digital asset was little changed at about $19,232 as of 8:42 a.m. in London on Wednesday. This week, Bitcoin surpassed its all-time high from December 2017 and reached $19,914 before weakening again.
“Bitcoin volatility will remain high and for now it seems that the $20,000 level will remain a major hurdle,” said Edward Moya, senior market analyst at Oanda. Traders may be taking profits but institutions are keen to buy when the cryptocurrency dips, he added.
Bitcoin is up about 165% this year, a climb some ascribe to a widening investor base and growing appetite for new ways of diversifying portfolios amid expectations of ongoing dollar weakness.
While the level of recent selling “comes as a slight surprise,” other indicators point to “near and longer-term upward momentum,” said Ryan Rabaglia, global head of trading at OSL brokerage in Hong Kong.
Gary Cohn, a former economic chief to President Donald Trump, said in an interview with Bloomberg Television this week that Bitcoin “lacks some of the basic integrity of a real market,” underscoring ongoing skepticism over the surge in digital assets in 2020.
CDC’s New Virus Guidelines Would Shorten Quarantine for Exposure
The Centers for Disease Control and Prevention told President Donald Trump’s coronavirus task force on Tuesday that its new guidance would cut quarantine time for individuals exposed to the virus by as much as half, according to two people familiar with the matter.
The new recommended quarantine would be seven days for those who test negative after exposure to Covid-19, and 10 days for those who do not take a test, said the people, who were granted anonymity to discuss information that has not been made public.
At present, CDC guidelines for people who have been exposed is to “stay home for 14 days after your last contact with a person who has Covid-19.”
The CDC’s new guidance was reported earlier Tuesday by the New York Times.
Over the weekend, members of the task force appeared on several news programs to promise a swift rollout of coronavirus vaccines by the end of the year.
Health-care workers and residents at long-term care centers should be first in line for the vaccines, key U.S. government advisers urged Tuesday, citing the high risk for infection within these groups and the positive effects on hospitals.
— With assistance by Anna Edney
G4S Plc Issues Statement On Revised GardaWorld Offer – Quick Facts
G4S plc (GFSZY.PK,GFS.L) said its Board is currently evaluating the revised offer from GardaWorld, together with its financial and legal advisers. Earlier today, Garda World Security Corporation announced a revised, unsolicited offer of 235 pence per share in cash to acquire the entire issued and to be issued share capital of the company. G4S plc said its shareholders are strongly advised to take absolutely no action in relation to the revised offer.
G4S noted that it continues to be in discussions with Allied Universal Services LLC. Any firm offer from Allied Universal would be required to be announced by 9 December 2020.
Uganda’s Bobi Wine Suspends Presidential Campaign: Report
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Ugandan presidential candidate Bobi Wine suspended his campaign after police fired rubber bullets and teargas to prevent him from attending a rally and injured some of his aides, the Daily Monitor reported.
Wine’s car tires were shot and the windscreen of his car was shattered in the incident in the eastern Ugandan town of Jinja on Tuesday, the Kampala-based newspaper said.
The pop star-turned politician, whose real name is Robert Kyagulanyi, halted his campaign to protest police brutality, the paper said. He plans to meet the head of the Electoral Commission of Uganda Wednesday to discuss the obstruction of his campaign rallies by security forces, it said.
Riots erupted in Uganda last month when the authorities arrested Wine at a rally near Jinja. The police said at least 28 people died as security forces tried to contain the riots.
READ: Riots Erupt in Uganda After Arrest of Presidential Candidate