MONTREAL 鈥� Private security firm GardaWorld has allowed itself to be outbid by a U.S. company in its takeover attempt for British competitor G4S plc.
Quebec-based GardaWorld said it would not raise its offer of 235 pence per share for G4S.
The decision means that an offer by Allied Universal Security Services of 245 pence is the top bid.
In a statement, GardaWorld chief executive Stephan Cretier says his company is a disciplined buyer and will not overpay.
The move by GardaWorld follows a regulated auction process in Britain.
GardaWorld first announced a takeover offer for G4S in September last year and later raised its bid in December after Allied Universal Security Services made a rival offer.
This report by The Canadian Press was first published Feb. 22, 2021.
The Canadian Press
