30th Nov 2020 09:56
(Alliance News) - GardaWorld Security Corp on Monday extended its offer to wholly acquire FTSE 250 security services firm G4S PLC to December 16.
GardaWorld's subsidiary Fleming Capital Securities Inc holds a 1.6% stake in G4S, and has also received acceptances for 2.8 million shares in G4S, equating to 0.2% of the entire issued share capital.
In September, the board of the G4S rejected Montreal-based GardaWorld's cash offer, saying it undervalued the company. However, in October, GardaWorld directly approached G4S shareholders with the same GBP3 billion offer.
And earlier in November, the directors of G4S rejected a GBP3.25 billion bid from Allied, again stating that it undervalued the business.
The "at least" 210p per share bid did, however, give Allied Universal the edge over Canadian rival suitor GardaWorld, whose bid was 190p.
"Throughout this process we have not seen a single piece of evidence to suggest that our offer of 190 pence in cash is anything other than full and fair. Aspirational targets and non-binding promises on dividends do not, in our view, equate to a sound business valuation," said GardaWorld President & CEO Stephan Cretier.
"GardaWorld and BC Partners are disciplined buyers who will not be susceptible to post-pandemic market euphoria. Covid-19 was not the cause of the slump in performance at G4S and neither will its hoped-for abatement be the trigger for improved business performance," Cretier added.
Shares in G4S were down 0.8% at 226.40 pence on Monday in London.
By Dayo Laniyan; [email protected]
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