(Alliance News) - Security services firm Garda World Security Corp on Monday said it has decided to stand firm with its previously announced increased offer for G4S PLC.
Back in December, Garda declared an increased and final cash offer of 235 pence per share for G4S, valuing the London-listed security services firm at GBP3.68 billion.
G4S shares were trading 9.8% lower in London on Monday at 242.70p each.
GardaWorld subsidiary Fleming holds 24.1 million G4S shares, a 1.6% stake. In addition, it has received acceptances of its offer for 25.1 million shares, also reflecting a 1.6% interest.
On Monday, GardaWorld's said its increased offer is final and will not be revised.
"There can be no better owner for G4S than GardaWorld, but we are disciplined buyers and we will not overpay for a company with systemic ESG issues that continue to come to light," said GardaWorld Founder, Chair & Chief Executive Officer Stephan Cretier, without elaborating on the environmental, social & governance issues to which he was referring.
Last month, G4S agreed to be taken over by Allied Universal in a GBP3.8 billion deal.
Under the offer made by Atlas UK Bidco Ltd - which is indirectly controlled by Allied Universal - G4S shareholders will be entitled to receive 245p in cash for each share held, compared to Garda's 235p offer. This values G4S at GBP3.8 billion and represents a 68% premium to G4S's closing price on September 11, the last business day before the offer period commenced.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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