GFS.L Share News (GFS)

(Sharecast News) - GardaWorld on Wednesday lifted its offer for UK outsourcing contractor G4s to 235p a share, valuing the company at £3.68bn.
The Canadian firm's new, and final, offer is a premium on Tuesday's closing price of 229p and a significant jump on its previous 190p-a-share bid.

GardaWorld, which first launched its bid in September, reduced its acceptance level to 50% plus one share and said it reached an agreement with the G4S UK pension trustees on a £770m support package comprising cash and other measures.

It added that it had received valid acceptances of a total of 2.8m G4S shares, or 0.17%, at November 28. The new offer has been extended to December 16.

"Shareholders have a simple choice: remain invested in a company which has consistently failed them and the wider community for so many years, or realise their investment in cash, at a significant and highly attractive premium," said GardaWorld chairman Stephan Crétier.

"Despite the excuses, claims, promises and 'aspirational targets' advanced during the course of the bid defence, the stark fact is that G4S is ex-growth and faces serious challenges."

G4S last month it had rejected what it termed a "highly conditional" offer from US company Allied Universal at a price of 210 pence per share. Allied must make a formal offer by December 9 if it plans to do so.

The G4S board last month said it would resume dividend payments again and painted a bright future for the company, claiming it can reach revenue growth of between 4% and 6% a year if it remained independent.