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G4S urges shareholders to block hostile buyouts




Security firm G4S urges shareholders to block hostile takeover by rival Garda World after publication of offer

Security firm G4S has urged shareholders to block a hostile takeover by Canadian rival Garda World after its offer was published.

Garda set out its plans in detail in a statement on Saturday, respecting its offer price of 190 pence per share despite G4S’s claim that the company is undervaluing the company.

It also emerged that lawyers, PRs and bankers working for Garda are expected to receive $ 312 million in fees if the deal goes through.

Hostile bid: Garda laid out its plans, sticking to its bid price of 190p per share despite G4S claim the company undervalues ​​the company

The formal offer elicited a strong statement from G4S, urging shareholders to “reject the offer and take no action”.

The company’s board of directors said the Garda takeover was “ highly opportunistic ” and the smaller rival wanted to acquire G4S to achieve its global ambitions. “This should not come at the expense of G4S shareholders and other stakeholders,” he said.

He pointed to Garda’s mountain of debt and annual losses over three years. G4S shareholders vote on the proposal on November 7.

G4S shares, which were trading at 145p before Garda announced interest, were at 209p at Friday’s close. Garda could face some competition, with Allied Universal showing interest.


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