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G4S asks investors to reject ‘opportunistic’ takeover of GardaWorld

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GFS.L) urged its investors to reject on Saturday a hostile takeover bid sent to shareholders by Canadian rival GardaWorld. “data-reactid =” 23 “> British security company G4S (GFS.L) urged its investors to reject on Saturday a hostile takeover bid sent to shareholders by Canadian rival GardaWorld.

The world’s largest security firm called the timing of the offer very opportunistic.

“The board recommends that shareholders reject the offer and take no action,” G4S said in a statement.

GardaWorlds ‘offer of 190 pence per share is unchanged from G4S’ first approach in September.

GardaWorld, in which private equity firm BC Partners has a 51% stake, has slipped over the head of the G4S board as it accuses the firm’s executives of refusing to engage after rejecting the offer of $ 3 billion ($ 3.9 billion).

Subsequently, the Canadian company turned to G4S shareholders by directly offering them the 190 pence per share offer.

The G4S share price has climbed 38% since GardaWorld announced its offer last month.

G4S secures bid from US rival as it pushes back 3 billion GardaWorld takeovers“data-reactid =” 34 “>READ MORE: G4S secures bid from US rival as it pushes back 3 billion GardaWorld takeovers

Meanwhile, an official offering document released by GardaWorld on Saturday reveals that its advisor will bear up to $ 312 million in fees if the Canadian company succeeds in securing shareholder support for the hostile takeover.

It comes as the G4S board said it received an expression of interest last week over a possible offer from its US rival, Allied Universal Security Services (AUSS). But the American firm has not yet made a formal offer.

The security company has approximately 530,000 employees in 85 countries, providing surveillance of embassies, prisons and justice services, sports stadiums and musical events.

APAX.L) and Warburg Pincus last year. “data-reactid =” 38 “> If sold, G4S will join other UK public companies that have been privatized. Cobham was acquired for 4 billion by US company Advent International in January 2020 and satellite company Inmarsat agreed a $ 6 billion bid from a group led by Apax (APAX.L) and Warburg Pincus last year.

In July, G4S announced it could cut up to 1,150 jobs in its UK treasury business after the coronavirus lockdown saw an increase in digital demand. It had already sold most of its cash operations in the United States to Brinks in February 2020.

At the time, G4S Managing Director for UK Treasury Solutions Paul van der Knaap said: Following a review of our operational footprint of Cash Solutions in the UK, we are proposing to reshape the company.

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