G4S again rejects Gardaworld £3bn bid

(Sharecast News) - Security firm G4S on Monday again rejected GardaWorld's £3bn offer as the Canadian company posted full details of its 190p-a-share bid.
GardaWorld, 51% owned by private equity firm BC Partners, has not changed the terms of its bid, which G4S has dismissed as "highly opportunistic".

It described its rival as "a very highly leveraged business that has grown through a string of acquisitions and which has incurred net losses of CAN$940M (£550M) over the past three years".

"We believe that GardaWorld needs G4S in order to realise its aspirations. This should not be at the expense of G4S's shareholders and other stakeholders," G4S said.

"G4S has been fundamentally re-positioned and is a focused, industry-leading global security company," the company said in a statement.

The company earlier this month confirmed US rival Allied Universal Security Services has also approached it with a potential offer.

It was also revealed in Gardaworld's takeover document published last Friday that advisers to the Canadian outfit are in line for a £312m payout if the bid was successful.