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G4S rejects Gardaworld's latest attempt to woo shareholders

Wed, 7th Oct 2020 09:12

(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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Allied Univeral closes in on G4S takeover as acceptance reaches 90%

Allied Univeral closes in on G4S takeover as acceptance reaches 90%

13 Apr 21 11:31

IN BRIEF: G4S shuffles board ahead of takeover by Allied Universal

IN BRIEF: G4S shuffles board ahead of takeover by Allied Universal

7 Apr 21 20:02

Allied Universal's offer for G4S becomes unconditional in all respects

Allied Universal's offer for G4S becomes unconditional in all respects

6 Apr 21 08:43

G4S says Allied Universal GBP3 billion offer now unconditional

G4S says Allied Universal GBP3 billion offer now unconditional

16 Mar 21 17:47

UPDATE 2-G4S saga ends as shareholders accept $5.3 bln Allied Universal offer

(Adds comments from G4S, shareholder, context)By Yadarisa ShabongMarch 16 (Reuters) - The G4S takeover saga finally came to an end on Tuesday after a majority of the security company's shareholders accepted a 3.8 billion pound ($5.28 billion) offe...

16 Mar 21 16:42

CORRECT: Allied Universal urges G4S shareholders to accept offer

CORRECT: Allied Universal urges G4S shareholders to accept offer

12 Mar 21 10:47

Allied Universal lowers acceptance condition for G4S offer to 50%

Allied Universal lowers acceptance condition for G4S offer to 50%

12 Mar 21 08:55

LONDON BRIEFING: UK economy withstands lockdown in January

LONDON BRIEFING: UK economy withstands lockdown in January

12 Mar 21 08:09

IN BRIEF: Allied Universal sets March 16 as final deadline for G4S bid

IN BRIEF: Allied Universal sets March 16 as final deadline for G4S bid

8 Mar 21 18:03

Garda World Security extends offer for G4S to March 16

Garda World Security extends offer for G4S to March 16

8 Mar 21 10:05

GardaWorld extends G4S offer deadline

(Sharecast News) - Canada's GardaWorld has extended the deadline for shareholders to accept its £3.68bn offer for G4S.

8 Mar 21 09:44

Allied Universal Cuts Acceptance Condition For Agreed G4S Offer To 75%

Allied Universal Cuts Acceptance Condition For Agreed G4S Offer To 75%

23 Feb 21 09:23

UPDATE 2-G4S urge shareholders to accept Allied deal as bid battle ends

* G4S recommends vote for Allied's final offer* Allied offer open for acceptance until March 16* Says acceptance level lowered to 75% from 90% (Adds analyst comment, context, background)By Yadarisa ShabongFeb 23 (Reuters) - British private security ...

23 Feb 21 07:52

REFILE-UPDATE 2-G4S urges shareholders to accept Allied deal as bid battle ends

(Refiles to restore dropped letter in headline)* G4S recommends vote for Allied's final offer* Allied offer open for acceptance until March 16* Says acceptance level lowered to 75% from 90%By Yadarisa ShabongFeb 23 (Reuters) - British private securit...

23 Feb 21 07:52

Allied Universal declares ?3.8bn bid for G4S final

(Sharecast News) - Allied Universal said its offer for rival G4S had become final after Canada's GardaWorld on Monday declared it would not raise its own bid for the UK security firm.

23 Feb 21 07:44

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