Rely on the most comprehensive, up-to-date legal content designed and curated by lawyers for lawyers
Work faster and smarter to improve your drafting productivity without increasing risk
Accelerate the creation and use of high quality and trusted legal documents and forms
Streamline how you manage your legal business with proven tools and processes
Manage risk and compliance in your organisation to reduce your risk profile
Stay up to date and informed with insights from our trusted experts, news and information sources
Access the best content in the industry, effortlessly — confident that your news is trustworthy and up to date.
Find up-to-date guidance on points of law and then easily pull up sources to support your advice with Lexis PSL
Check out our straightforward definitions of common legal terms.
Our trusted tax intelligence solutions, highly-regarded exam training and education materials help guide and tutor Tax professionals
Access our unrivalled global news content, business information and analytics solutions
Insurance, risk and compliance intelligence using big data, proprietary linking and advanced analytics.
A leading provider of software platforms for professional services firms
In-depth analysis, commentary and practical information to help you protect your business
LexisNexis Blogs shed light on topics affecting the legal profession and the issues you're facing
Legal professionals trust us to help navigate change. Find out how we help ensure they exceed expectations
Lex Chat is a LexisNexis current affairs podcast sharing insights on topics for the legal profession
Discuss the latest legal developments, ask questions, and share best practice with other LexisPSL subscribers
Following the hostile offer by GardaWorld of FTSE 250 security company G4S, announced on 30 September, the Employee and Worker Representative of the G4S European Work Council (EWS) and the GMB Union have come out publicly with their views on the proposed takeover.
Under Rule 25.9 of the Takeover Code (Code), employee representatives and pension scheme trustees are entitled to require the offeree to publish their opinions on the effects of an offer on employment and on the pension scheme. Since 2018, offerors have also been required to include details of their intentions for the business, employees, and pensions in the firm offer announcement (previously this information was only required in the offer document). This requirement to publish these details of the offeror’s intentions earlier in the process was intended to facilitate greater engagement from employees and pension scheme trustees on takeover transactions. To date these reforms have had limited impact, with only two instances of employees/employee representatives issuing an opinion on a takeover between 2018-2019. One of these was Melrose’s offer for GKN, which was also hostile and attracted considerable media and political attention.
The EWS statement raises a number of concerns, including calls for:
The statement also highlights unresolved human rights and labour issues involving both parties and encourages shareholders to carry out due diligence on both parties’ Environmental, Social and Governance (ESG) record.
The opinions have been included in G4S’s defence circular, which argues that the GardaWorld significantly undervalues the company and urges shareholders to reject the offer.
One of the novel features of the EWS statement is that it raises concerns about both the offeror’s and the offeree’s track records and this has been seized on by GardaWorld during its ongoing dialogue with shareholders. In its announcement on 9 November 2020 GardaWorld pointed to G4S’s claims of being a ‘responsible employer’ whose ‘priorities embrace sustainable investment to secure the health and safety of our employees’ and has argued that these contradict the EWS statement.
GardaWorld currently has acceptances for its offer representing approximately 1.72% of G4S’s issued share capital.
Market Tracker will continue to monitor this transaction as it develops.
Free trials are only available to individuals based in the UK
* denotes a required field
Market Tracker is a unique service for corporate lawyers housed within Lexis®PSL Corporate. It features a powerful transaction data analysis tool for accessing, analysing and comparing the specific features of corporate transactions, with a comprehensive and searchable library of deal documentation across 14 different deal types. The Market Tracker product also includes news and analysis of key corporate deals and activity and in-depth analysis of recent trends in corporate transactions.
0330 161 1234