(Sharecast News) - Security group G4S on Wednesday rejected £2.97bn cash offer from rival GardaWorld as "opportunistic", having rebuffed an earlier similar bid from the Canadian outfit.
G4S rejected GardaWorld's increased 190p-a-share proposal two weeks ago. Two previous offers in June for 145p a share and 153p each were also turned down.
"Shareholders are strongly advised to take absolutely no action in relation to the unattractive and opportunistic offer," said G4S chair John Connolly.
"The unsolicited 190p Offer launched today by GardaWorld is unchanged from the proposal that has already been carefully considered and unanimously rejected by the G4S Board as significantly undervaluing the company and its prospects."
"Since rejecting GardaWorld's last proposal, G4S has announced continuing resilience in its trading with underlying earnings ahead of the prior year for the first eight months of 2020."
Shares in London-listed G4S were up 4.92% % at 198.4p at 1441 BST.
GardaWorld chief executive Stephan Cretier called G4S "a deeply troubled business which needs a committed owner-operator team that understands the sector and has a definitive and comprehensive plan".
"Stakeholders can take no confidence in the promises of a senior management team that has been in place for seven years and has not delivered for shareholders, customers, employees or the public."
"The G4S board has behaved in a cavalier way by rejecting our potential offer out of hand. We look forward to meeting with investors to explain the challenges ahead and why this is a full and fair price for an asset which faces turbulent times and difficult operating conditions."
"We look forward to meeting with investors to explain the challenges ahead and why this is a full and fair price," Cretier added.
Allied Univeral closes in on G4S takeover as acceptance reaches 90%