Nick Buckles has been meeting and calling investors to talk them round in the run-up to Wednesday’s vote on the deal. He needs to win 75 per cent of the votes cast to proceed with the buyout of the cleaner and caterer from its private equity owners.
Yesterday it emerged that two more shareholders, Schroders, which has a 1.35 per cent stake, and Artemis, which owns around one per cent, are against the transaction. Last week Edoardo Mercadante, the founder of hedge fund Parvus, which has the fifth-largest stake, said the deal was “too risky” for him to back.
Carnegie Asset Management has concerns about the deal and the Abu Dhabi Investment Authority and US investment firm Harris Associates are also believed to be sceptical.
G4S declined to comment but a person close to the deal told City A.M. the strategy for it “remains the same”.
“We believe it is good for shareholders and it is where integrated services are heading.”