Shareholder Ire Leads G4S To Drop £5.2B ISS Bid

Law360, New York (November 1, 2011, 1:39 PM EDT) -- British security giant G4S PLC said Tuesday it would scrap its £5.2 billion ($8.2 billion) plan to buy larger Danish rival ISS A/S from EQT Partners and Goldman Sachs Capital Partners after shareholders balked at the cost and debt involved.

G4S said leading shareholders expressed support during the run-up to the deal, which would have seen it assume about £3.7 billion in debt and issue a £2 billion rights offer to pay for the tie-up, but that wider consultations after the deal went public led to...
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