(Alliance News) - Garda World Security Corp on Monday said it has extended its takeover offer for G4S PLC.
In September, the board of FTSE 250-listed security services provider G4S rejected Montreal-based GardaWorld's cash offer, saying it undervalued the company.
However, in October, Garda World directly approached G4S shareholders with the same GBP3 billion offer. This came after G4S confirmed a rival buyout approach from US security and facility services company Allied Universal Security Services.
GardaWorld on Monday said it is extending the offer, and it will be open for acceptance until 1300 GMT on Saturday, November 28.
"We are extending our offer for G4S because, despite its past problems and uncertain future, we believe we can turn the business around. We can give G4S shareholders the certainty of cash today, not jam tomorrow. We believe G4S is misrepresenting its prospects under the current management team. It is time they tell shareholders and employees the truth," said Stephan Cretier, founder, chair & chief executive of GardaWorld.
Shares in G4S were up 0.1% at 213.20 pence in London on Monday.
By Lucy Heming; lucyheming@alliancenews.com
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