LONDON (Alliance News) - G4S PLC on Wednesday noted the possible offer from Canadian security firm Garda World Security Corp and asked its own shareholders not to take action yet.
Regarding the unsolicited offer, the security services firm said: "There can be no certainty that any firm offer for the company will be made by Garda World nor as to the terms on which any offer might be made. Shareholders are urged to take no action at this time."
Having established its Global Cash Solutions division in January 2018, G4S announced in December that it is reviewing options to separate Cash Solutions from the rest of the group. To this end, it is taking steps to allow for such a separation in the second half of 2019.
G4S said: "Our aim is to establish two strong independent businesses that are able to take advantage of their leading market positions and excellent service offerings. The board believes that a separation of Cash Solutions has the clear potential to enhance the focus and success of both businesses and thus to unlock substantial shareholder value."
"As previously announced, the group has received other unsolicited expressions of interest to acquire the Global Cash Solutions and Retail Cash Solutions businesses. No assurance can be provided at this stage that any of these expressions of interest will lead to a proposal or transaction."
Earlier in the day, GardaWorld confirmed it is considering an offer for UK-listed G4S. It made the announcement after the Evening Standard reported on the planned bid on Wednesday.
GardaWorld is "in the preliminary stage" of considering an approach to G4S, to be made in cash. It provided no further details.
G4S shares were closed 17% higher at 215.35 pence on Wednesday.
