Bloomberg News

G4S’s Duch-Pedersen to Quit in Wake of Failed Bid for ISS

January 13, 2012

(Updates with age of chairman in third paragraph.)

Jan. 13 (Bloomberg) -- G4S Plc, the world’s largest security company, said Alf Duch-Pedersen is retiring as chairman of the company following the failed takeover attempt of ISS.

Duch-Pederson will retire once a successor is found, the Crawley, England-based company said in a statement today. The search for a new chairman is already underway, it said.

G4S and Duch-Pedersen, 65, came under pressure from investors to reshuffle the board after the failed purchase of the cleaning company. The 5.2 billion-pound ($8 billion) takeover derailed following opposition from investors wary of the size of borrowings amid Europe’s debt crisis.

G4S was attempting its biggest acquisition via a rights offer and the addition of about 3.8 billion pounds in borrowings. It advertised the purchase as a “real game changer,” arguing that the addition of ISS would let G4S bundle different kinds of office-upkeep and security services into a single contract.

--Editor: Andrew Noel

To contact the reporters on this story: Sabine Pirone in London at spirone@bloomberg.net;

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net


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