Reuters
Prison operator Geo Group Inc (GEO.N) said it is “disappointed” by the Federal Bureau of Prisons’ decision to cancel a solicitation to build a facility to house illegal aliens convicted of crimes, sending its shares down as much as 8 percent.
Geo said it had undertaken a 1,225-bed expansion of its existing 530-bed correctional facility in Baldwin, Michigan under the solicitation. The expansion is expected to be completed in 2010.
“We are disappointed by the BOP’s decision to cancel the (the prison solicitation) due to a funding shortfall,” Chief Executive George Zoley said in a statement.
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