CRAWLEY (dpa-AFX) - Garda World Security Corp. has made an about 2.97 billion pounds hostile takeover offer for G4S plc. (GFSZY.PK, GFS.L), weeks after its earlier offer was rejected by the U.K. security-services company.
Stephan Crétier, Chief Executive of GardaWorld said, 'The G4S Board has behaved in a cavalier way by rejecting our potential offer out of hand.'
Garda World said it looks forward to meeting with investors to discuss the proposal.
Garda World also noted that G4S is a deeply troubled business which needs a committed owner-operator team that understands the sector and has a definitive and comprehensive plan.
Garda stated that G4S's stakeholders can take no confidence in the promises of a senior management team that has been in place for seven years and has not delivered for shareholders, customers, employees or the public.
As per the terms of the offer, G4S shareholders will be entitled to receive190 pence in cash for each G4S Share. The offer represents a premium of about 86 per cent to the Closing Price of 102 pence per G4S Share on 12 June 2020.
Earlier this month, G4S had rejected Garda World's 190 pence per share offer, saying that the offer significantly undervalues the company and its prospects.
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