* GardaWorld makes cash offer of 190p/share for G4S
* G4S rejected GardaWorld earlier proposal for same amount
* Shares in G4S up 4% at 197.1p
(Adds detail on prior offers, background)
By Aakash B and Yadarisa Shabong
Sept 30 (Reuters) - Canadian security firm GardaWorld on
Wednesday went hostile with its bid to buy G4S Plc with
a cash offer valuing its larger rival at 2.97 billion pounds
($3.81 billion), weeks after the British company rejected an
earlier proposal.
G4S had rejected GardaWorld's sweetened 190 pence per share
offer earlier in September, calling it "highly opportunistic."
It also rejected two prior proposals in June for 145 pence per
share and 153 pence per share each.
Shares in London-listed G4S were up 4.2% at 197.1 pence by
1125 GMT, above the 190 pence offer made by GardaWorld's
subsidiary Fleming Capital Securities.
Since GardaWorld made its offer for G4S public on Sept. 14,
G4S shares are up 30%.
"The G4S Board has behaved in a cavalier way by rejecting
our potential offer out of hand," GardaWorld's Chief Executive
Stephan Cretier said.
"We look forward to meeting with investors to explain the
challenges ahead and why this is a full and fair price," Cretier
added.
G4S, one of the world's largest private security companies,
was not immediately available for comment.
The latest offer, which is for the same amount as the one
made a few weeks ago, represents a premium of 0.5% to G4S'
Tuesday's closing stock price. Analysts had likened the takeover
approach as "the tiddler swallowing the whale".
GardaWorld's interest in G4S was made known last year, when
it considered a cash offer for some or all of G4S, but by May
had opted not pursue a deal.
Over the past year G4S has had to overcome a series of
setbacks, including the loss of a contract to run a Birmingham
prison, and a decision by Norway's wealth fund not to invest in
the company.
It sold off most of its cash-handling business in February
to U.S. peer Brinks Co.
($1 = 0.7790 pounds)
(Reporting by Aakash Jagadeesh Babu in Bengaluru and Yadarisa
Shabong. Editing by Jane Merriman)
