G4S Plc, the British security company, is approaching firms including Allied Universal in an attempt to solicit rival offers and fend off a 3 billion-pound (US$3.8 billion) hostile bid from GardaWorld, people with knowledge of the matter said.
Allied Universal, a U.S.-based competitor to G4S, has been evaluating whether it should pursue its own bid amid consolidation in the industry, the people said, asking not to be identified because the information is private. G4S may also draw interest from private equity firms, which could potentially allow management to stay in place under a new owner, the people said.
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Garda made a hostile takeover bid for G4S last month after failing to convince its management to come to the negotiating table. It’s been seeking meetings with G4S shareholders to persuade them to accept the proposal, which G4S has rejected on the grounds that it undervalues the company.