British security firm G4S has agreed to a new takeover offer from its U.S. rival Allied Universal Security Services, which has valued the company at £3.8bn.
G4S previously said Allied Universal had significantly undervalued the company. And in September, G4S rejected a 2.95 billion pound ($3.8 billion) offer from Canadian security firm GardaWorld, saying it was “highly opportunistic”.
A bidding war ensued which saw the U.K. firm’s stock increase. Most recently, it was reported that GardaWorld had raised its bid to £3.68bn.
Allied Universal has more than 250,000 employees worldwide serving clients across North America and in the U.K. G4S is active in around 80 countries and has around 533,000 employees.