Mergers and acquisitions news – G4S chief executive forgoes bonus
In an attempt to push through the merger G4S spent around £50 million on various services, including bank fees, financial preparations and corporate lawyer fees. It also included a substantial £18 million exchange rate hit.
“Obviously we regret spending £50m we didn’t get a return on. Anyone involved has learnt lessons including ourselves,” commented Buckles.
Perhaps in light of the Danish merger experience, Buckles indicated that G4S would now look to concentrate on smaller acquisitions, encompassing projects in evolving economies such as China – a country which is among the most challenging places for UK corporate lawyers.
G4S is the world’s largest security company and has its corporate head office in Crawley, West Sussex.News