(Sharecast News) - G4S again rejected GardaWorld's takeover offer, berating claims made on Tuesday by the Canadian firm about the security company's pension fund as misleading.
GardaWorld, which launched a hostile bid for G4S last month, said it would start meeting with shareholders in an effort to persuade them on the merits of its 190p-a-share offer
"We have said before that the business needs a new owner, not a face-saving change of management or a shake-up of the board," said GardaWorld chief executive Stephan Crétier in a statement on Tuesday.
"That will not produce the root and branch change to the company's operating practices that is so urgently needed."
GardaWorld and its 51% shareholder BC Partners also said they had "a definitive plan to address G4S's pensions issue and take this massive burden off shareholders' shoulders".
On Wednesday G4S hit back, saying its UK pension schemes, attached to its retained UK cash operations, were "well funded" and consistently supported by the firm, with a funding plan in place to plug the £300m deficit.
"The board, once again, unanimously rejected this offer as it continues to significantly undervalue the company," G4S said, referring to the 190 pence per share offer valuing the London-listed firm at £2.97bn."
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