Source - LSE Regulatory
RNS Number : 5343O
Allied Universal Security Srvcs LLC
09 February 2021
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

 

RECOMMENDED CASH OFFER

for

G4S PLC

by

ATLAS UK BIDCO LIMITED
(a newly incorporated entity that is indirectly controlled by Allied Universal)

 

Extension of Recommended Cash Offer for G4S and Acceptance Level Update

 

1         Introduction

On 8 December 2020, the boards of directors managing Allied Universal Topco LLC ("Allied Universal") and of G4S plc ("G4S" or the "Company") announced that they had reached agreement on the terms of a recommended cash offer, to be made by Atlas UK Bidco Limited ("Allied Bidco"), a newly incorporated entity that is indirectly controlled by Allied Universal, to acquire the entire issued and to be issued share capital of G4S (the "Offer"). The full terms of, and conditions to, the Offer and the procedures for acceptance were set out in the offer document dated 5 January 2021 (the "Offer Document").

Following the First Closing  Date  of  the  Offer  on  26 January 2021,  the  Offer  was  extended  for acceptances until 1.00p.m.(London time) on 9 February 2021.

Terms defined in the Offer Document have the same meaning in this announcement.

2         Further extension of the Offer and actions to be taken

The Offer, which remains subject to the terms and conditions set out in the Offer Document, is being further extended and will remain open for acceptance until the next closing date which will be 1.00 p.m. (London time) on 6 March 2021 (the "Third Closing Date").

A further announcement will be made by Allied Universal at the appropriate time if, subject to the consent of the Panel, the Offer is extended beyond the Third Closing Date.

G4S Shareholders who have not yet accepted the Offer and who wish to do so should take action to accept the Offer as soon as possible. Details of the procedure for doing so are set out in paragraph 4 below and in the Offer Document.

3         Level of acceptances and interests in G4S Shares

As at 1.00 p.m. (London time) on 9 February 2021, Allied Bidco had received valid acceptances in respect of a total of 13,318,272 G4S Shares, representing approximately 0.85 per cent. of the issued share capital of G4S. So far as Allied Bidco is aware, none of these acceptances have been received from persons acting in concert with Allied Bidco.

These acceptances include those received in respect of 3,333,861 G4S Shares (representing approximately 0.21 per cent. of the existing issued ordinary share capital of G4S) held by certain G4S Directors who had given irrevocable undertakings to accept the Offer.

Accordingly, as at 9 February 2021, Allied Bidco may count 13,318,272 G4S Shares (representing 0.85 per cent. of the issued share capital of G4S) towards satisfaction of the Acceptance Condition to its Offer.

As at close of business in London on 8 February 2021 (being the latest practicable time and date prior to the date of this announcement), neither Allied Bidco nor, so far as Allied Bidco is aware, any person acting in concert with Allied Bidco:

·      has any interest in, or right to subscribe in respect of, or any short position in relation to G4S relevant securities, including any short position under a derivative, any agreement to sell or any delivery obligation or right to require another person to purchase or take delivery of G4S relevant securities;

·      has any outstanding irrevocable commitment or letter of intent with respect to G4S relevant securities;

·      borrowed or lent any G4S relevant securities (including any financial collateral arrangements), save for any borrowed shares which have been either on-lent or sold,

save for the following G4S relevant securities held by a person acting in concert with Allied Bidco:

Name

Nature of interest

Number of relevant securities

Percentage of G4S issued share capital (excluding treasury shares)

Tilney Smith & Williamson

Ordinary shares

48,760

0.003143

The percentages of G4S Shares referred to in this section are based upon a figure of 1,551,594,436 G4S Shares in issue as at close of business in London on 8 February 2021 (being the latest practicable time and date prior to the date of this announcement).

4         Procedure for acceptance of the Offer

G4S Shareholders who have not yet accepted the Offer are urged to do so as soon as possible in accordance with the following deadlines and procedures:

·      If you hold your G4S Shares in certificated form (that is, not in CREST), you should complete and return the Form of Acceptance accompanying the Offer Document as soon as possible and, in any event, so as to be received by Link Group, by no later than 1.00 p.m. (London time) on 6 March 2021.

·      If you hold your G4S Shares in uncertificated form (that is, in CREST), you should ensure that an Electronic Acceptance is made by you or on your behalf and that the TTE instruction settles as soon as possible and, in any event, by no later than 1.00 p.m. (London time) on 6 March 2021. If you hold your G4S Shares as a CREST sponsored member, you should contact your CREST sponsor as only your CREST sponsor will be able to send the necessary TTE instruction to Euroclear.

·      G4S ADR Holders who wish to participate in the Offer should contact their Depositary.

·      G4S VP Holders who wish to participate in the Offer should contact Danske Bank.

Full details on how to accept the Offer are set out in paragraph 16 of Part II and Parts D and E of Appendix 1 of the Offer Document. The Offer Document is available on Allied Universal's website (www.securityservicesthereforyou.com) and on G4S's website (www.g4s.com/investors/offers).  For the avoidance of doubt, the contents of the websites referred to in this announcement are not incorporated into and do not form part of this announcement. Further copies of the Offer Document and the Form of Acceptance may be obtained by contacting Link Group on 0371 664 0321.

G4S Shareholders with any questions relating to this announcement or the completion and return of the Form of Acceptance or the making of an Electronic Acceptance (as the case may be) should telephone the Link Group on 0371 664 0321 or, if calling from outside the United Kingdom, +44 (0) 371 664 0321. Calls are charged at the standard geographic rate and will vary by provider. The helpline is open between 9.00 am - 5.30 pm, Monday to Friday excluding public holidays in England and Wales.  Please note that Link Group cannot provide any financial, legal or tax advice and calls may be recorded and monitored for security and training purposes.



 

Enquiries:

 

Allied Bidco / Allied Universal
Steve Jones, President and Chief Executive
c/o Teneo

Teneo, PR adviser to Allied Universal and Allied Bidco        
Charles Armitstead                                                                         + 44 7703 330 269

Matt Denham                                                                                  + 44 7825 735 596       

Warburg Pincus LLC

Julie Foster                                                                                       + 44 7471 992 907

Morgan Stanley, as Lead Financial Adviser to Allied Universal and Allied Bidco                
Henry Stewart / Laurence Hopkins / David Khayat                       +44 (0)20 7425 8000

/ Duncan Williamson / Tom Perry


Credit Suisse, as Joint Financial Adviser to Allied Universal and Allied Bidco
        
Raymond R. Raimondi, Jr. / Joe Hannon / Ben Deary                 +44 (0)20 7888 8888

 

Moelis & Company, as Joint Financial Adviser to Allied Universal and Allied Bidco          
Jonathan Kaye                                                                                 +1 212 883 3800

Liam Beere

G4S
Helen Parris, Director of Investor Relations                                   + 44 (0)20 7963 3189

 

Media enquiries:

Sophie McMillan, Head of Media                                                   + 44 (0)20 7963 3333

 

Brunswick, PR adviser to G4S
Charles Pretzlik                                                                               + 44 (0)20 7404 5959

Jonathan Glass                                                                                            


Citigroup Global Markets Limited, as Joint Lead Financial Adviser and Corporate Broker to G4S
Andrew Seaton / Robert Way / William Morton                             + 44 (0) 20 7986 4000

                                                                                                           

J.P. Morgan Cazenove, as Joint Lead Financial Adviser and Corporate Broker to G4S
Edmund Byers / Celia Murray / Richard Walsh                             + 44 (0) 20 7742 4000

 

Goldman Sachs, as Financial Adviser to G4S
Mark Sorrell / Jose Barreto                                                            + 44 (0) 20 7774 1000

 

Lazard, as Financial Adviser to G4S
William Rucker / Nicholas Page                                                     + 44 (0) 20 7187 2000

 

Cleary Gottlieb Steen & Hamilton LLP, Freshfields Bruckhaus Deringer LLP and Kirkland & Ellis LLP are retained as legal advisers to Allied Universal and Allied Bidco.

Linklaters LLP is retained as legal adviser to G4S.

Important notices relating to financial advisers

Morgan Stanley & Co. International plc ("Morgan Stanley") which is authorised by the Prudential Regulation Authority ("PRA") and regulated by the Financial Conduct Authority ("FCA") and the PRA in the UK is acting exclusively as lead financial adviser to Allied Universal and Allied Bidco and no one else in connection with the matters set out in this announcement. In connection with such matters, Morgan Stanley, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein.

Credit Suisse International ("Credit Suisse"), which is authorised by the PRA and regulated by the FCA and the PRA in the United Kingdom, is acting as joint financial adviser exclusively for Allied Universal and Allied Bidco and no one else in connection with the matters set out in this announcement and will not be responsible to any person other than Allied Universal and Allied Bidco for providing the protections afforded to clients of Credit Suisse, nor for providing advice in relation to the content of this announcement or any matter referred to herein. Neither Credit Suisse nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Credit Suisse in connection with this announcement, any statement contained herein or otherwise.

Moelis & Company LLC ("Moelis & Company") is acting exclusively as joint financial adviser to Allied Universal and Allied Bidco and no one else in connection with the matters set out in this announcement. In connection with such matters, Moelis & Company, its affiliates and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person for providing the protections afforded to their clients or for providing advice in relation to the contents of this announcement or any other matter referred to herein.

Citigroup Global Markets Limited ("Citi"), which is authorised by the PRA and regulated in the UK by the FCA and the PRA, is acting as joint lead financial adviser for the Company and for no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Citi nor for providing advice in connection with the matters set out in this announcement. Neither Citi nor any of its affiliates, directors or employees owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, consequential, whether in contract, in tort, in delict, under statute or otherwise) to any person who is not a client of Citi in connection with the matters set out in this announcement or any other matter or arrangement referred to herein.

J.P. Morgan Securities plc (which conducts its UK investment banking business as J.P. Morgan Cazenove) ("J.P. Morgan Cazenove") which is authorised in the United Kingdom by the PRA and regulated in the United Kingdom by the PRA and the FCA, is acting as joint lead financial adviser exclusively for the Company and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters set out in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of J.P. Morgan Cazenove or its affiliates, nor for providing advice in relation to the matters set out in this announcement or any other matter or arrangement referred to herein.

Goldman Sachs International ("Goldman Sachs"), which is authorised in the United Kingdom by the PRA and regulated in the United Kingdom by the PRA and the FCA, is acting exclusively for the Company as financial adviser and no one else in connection with the matters set out in this announcement. Goldman Sachs will not be responsible to anyone other than the Company for providing the protections afforded to clients of Goldman Sachs or for providing advice in connection with the matters set out in this announcement or any other matter referred to in this document.

Lazard & Co., Limited ("Lazard"), which is authorised and regulated in the United Kingdom by the FCA, is acting exclusively as financial adviser to the Company and no one else in connection with the matters set out in this announcement and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Lazard nor for providing advice in relation to the matters set out in this announcement. Neither Lazard nor any of its affiliates owes or accepts any duty, liability or responsibility whatsoever (whether direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Lazard in connection with the matters set out in this announcement, any statement contained herein or otherwise.

In accordance with the City Code, normal United Kingdom market practice and Rule 14e-5(b) of the US Exchange Act, each of Morgan Stanley, Credit Suisse, Citi, J.P. Morgan Cazenove, Goldman Sachs and Lazard and their respective affiliates will continue to act as connected exempt principal trader in G4S Shares on the London Stock Exchange. These purchases and activities by connected exempt principal traders which are required to be made public in the United Kingdom pursuant to the City Code will be reported to a Regulatory Information Service and will be available on the London Stock Exchange website at www.londonstockexchange.com. This information will also be publicly disclosed in the United States to the extent that such information is made public in the United Kingdom.

Further information

This announcement is not intended to and does not constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities or the solicitation of any vote or approval in any jurisdiction pursuant to the Offer or otherwise nor shall there be any sale, issuance or transfer of securities of G4S pursuant to the Offer in any jurisdiction in contravention of applicable laws. The Offer will be implemented solely pursuant to the terms of the Offer Document and the accompanying Form of Acceptance which, together, contain the full terms and conditions of the Offer, including details of how to accept the Offer. Any decision in respect of, or other response to, the Offer should be made only on the basis of the information contained in the Offer Document and the Form of Acceptance.

G4S Shareholders are advised to read the Offer Document and the Form of Acceptance carefully because they contain important information in relation to the Offer. Any decision by G4S Shareholders in respect of the Offer should be made only on the basis of the information contained in the Offer Document and the Form of Acceptance.

This announcement has been prepared for the purposes of complying with English law, the rules of the London Stock Exchange, the Listing Rules and the City Code on Takeovers and Mergers and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws and regulations of any jurisdictions outside the United Kingdom.

Information relating to G4S Shareholders

Please be aware that addresses, electronic addresses and certain other information provided by G4S Shareholders, persons with information rights and other relevant persons for the receipt of communications from G4S may be provided to Allied Bidco during the Offer Period as required under Section 4 of Appendix 4 of the City Code to comply with Rule 2.11.

Overseas jurisdictions

The release, publication or distribution of this announcement in or into jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe any applicable requirements. In particular, the ability of persons who are not resident in the United Kingdom to accept the Offer or to execute and deliver the Form of Acceptance may be affected by the laws of the relevant jurisdictions in which they are located. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. To the fullest extent permitted by applicable law, the companies and persons involved in the Offer disclaim any responsibility or liability for the violation of such restrictions by any person.

This announcement has been prepared for the purpose of complying with English law and the City Code and the information disclosed may not be the same as that which would have been disclosed if this announcement had been prepared in accordance with the laws of jurisdictions outside the United Kingdom.

Unless otherwise determined by Allied Bidco or required by the City Code, and permitted by applicable law and regulation, the Offer will not be made available, directly or indirectly, in, into or from a Restricted Jurisdiction or any other jurisdiction where to do so would violate the laws in that jurisdiction and no person may accept the Offer by any use, means or instrumentality (including, but not limited to, facsimile, e-mail or other electronic transmission, telex or telephone) of interstate or foreign commerce of, or of any facility of a national, state or other securities exchange of any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction and the Offer may not be capable of acceptance by any such use, means, instrumentality or facilities. Accordingly, copies of this announcement and any formal documentation relating to the Offer are not being, and must not be, directly or indirectly, mailed or otherwise forwarded, distributed or sent in or into or from any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction and persons receiving such documents (including custodians, nominees and trustees) must not mail or otherwise forward, distribute or send them in or into or from any Restricted Jurisdiction or any other jurisdiction where to do so would constitute a violation of the laws of that jurisdiction.

The availability of the Offer to G4S Shareholders who are not resident in and citizens of the United Kingdom may be affected by the laws of the relevant jurisdictions in which they are located or of which they are citizens. Persons who are not resident in the United Kingdom should inform themselves of, and observe, any applicable legal or regulatory requirements of their jurisdictions.

Further details in relation to G4S Shareholders in overseas jurisdictions are contained in the Offer Document.

Cautionary note regarding forward looking statements

This announcement (including information incorporated by reference in the announcement), oral statements made regarding the Offer, and other information published by Allied Universal or Allied Bidco contains certain forward looking statements with respect to the financial condition, results of operations and businesses of Allied Universal and G4S and their respective groups, and certain plans and objectives of Allied Universal with respect to the Enlarged Group. All statements other than statements of historical fact are, or may be deemed to be, forward looking statements. Forward looking statements are statements of future expectations which are prospective in nature and are not based on historical facts, but rather on management's current expectations, projections and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward looking statements include, among other things, statements concerning the potential exposure of Allied Universal, the Allied Universal Group, G4S and/or the G4S Group to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections and assumptions, including as to future potential cost savings, synergies, earnings, cash flow, return on average capital employed, production, divestitures and prospects. Often, but not always, these forward looking statements are identified by their use of terms and phrases such as "anticipate" or "does not anticipate", "believe", "estimate", "forecast", "expect" or "does not expect", "is expected", "is subject to", "goals", "intend", "objectives", "outlook", "plan", "budget", "scheduled", "probably", "project", "risks", "seek", "target"  or variations of such words and phrases and statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.

There are a number of factors that could affect the future operations of Allied Universal, the Allied Universal Group, G4S and/or the G4S Group and that could cause results and developments to differ materially from those expressed or implied in the forward looking statements included in this announcement, including (without limitation): (a) changes in demand for Allied Universal's and/or G4S's products; (b) currency fluctuations; (c) loss of market share and industry competition; (d) risks associated with the identification of suitable properties, acquirors and targets, and successful negotiation and completion of such transactions; (e) changes in macroeconomic or trading conditions; (f) the impact of COVID-19; and (g) changes in government and regulation including in relation to health and safety. Other unknown or unpredictable factors could cause actual results to differ materially from those in the forward looking statements. Such forward looking statements should therefore be construed in the light of such factors.

All forward looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Although Allied Universal and Allied Bidco believe that the expectations reflected in such forward looking statements are reasonable, Allied Universal, Allied Bidco and their respective associates, directors, officers and advisers provide no representation, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking statements in this announcement will actually occur. Readers should not place undue reliance on forward looking statements.

Each forward looking statement speaks only as of the date of this announcement. None of Allied Universal, Allied Bidco or the Allied Universal Group undertakes any obligation, and expressly disclaims any intention or obligation, to publicly update or revise any forward looking statement as a result of new information, future events or otherwise, except to the extent legally required (including under the UK Listing Rules and the Disclosure and Transparency Rules of the FCA). In light of these risks, results could differ materially from those stated, implied or inferred from the forward looking statements contained in this announcement.

Rounding

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables or forms may vary slightly and figures shown as totals in certain tables or forms may not be an arithmetic aggregation of the figures that precede them.

Disclosure requirements of the City Code

Under Rule 8.3(a) of the City Code, any person who is interested in 1 per cent. or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 p.m., (London time) on the 10th Business Day following the commencement of the offer period and, if appropriate, by no later than 3.30 p.m., (London time) on the 10th Business Day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a dealing disclosure.

Under Rule 8.3(b) of the City Code, any person who is, or becomes, interested in 1 per cent. or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a dealing disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A dealing disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s), save to the extent that these details have previously been disclosed under Rule 8. A dealing disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 p.m., (London time) on the Business Day following the date of the relevant dealing.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and dealing disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4 of the City Code).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and dealing disclosures must be made can be found in the Disclosure Table on the Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a dealing disclosure.

For the purpose of this section (Disclosure requirements of the City Code) and the following section (Publication on website and availability of hard copies) of this announcement, "Business Day" means a day on which the London Stock Exchange is open for the transaction of business.

Publication on website and availability of hard copies

A copy of this announcement will be available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, for inspection on Allied Universal's website (www.securityservicesthereforyou.com) and on G4S's website (www.g4s.com/investors/offers) by no later than 12 noon (London time) on the Business Day following the date of this announcement. For the avoidance of doubt, the contents of the websites referred to in this announcement are not incorporated into and do not form part of this announcement.

G4S Shareholders may request a hard copy of this announcement by contacting Link Group on 0371 664 0321. If you have received this announcement in electronic form, copies of this announcement and any document or information incorporated by reference into this announcement will not be provided unless such a request is made.

If you are in any doubt about the contents of this announcement or the action you should take, you are recommended to seek your own independent financial advice immediately from your stockbroker, bank manager, solicitor, accountant or from an independent financial adviser duly authorised under the Financial Services and Markets Act 2000 (as amended) if you are located in the United Kingdom or, if you are located outside the United Kingdom, from an appropriately authorised independent financial adviser.

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