(Alliance News) -Â Garda World Security Corp on Wednesday declared an increased and final cash offer of 235 pence per share for G4S PLC, valuing the London-listed security services firm at GBP3.68 billion.
G4S, in its own statement on Wednesday, said it is currently evaluating the revised offer and advised shareholders to take no action in the meantime.
G4S shares closed at 229p in London on Tuesday and were trading 7.5% higher at 246.40 pence on Wednesday morning.
In September, the board of the FTSE 250-listed firm rejected Montreal-based GardaWorld's cash offer, saying it undervalued the company. However, in October, GardaWorld directly approached G4S shareholders with that same GBP3 billion offer.
And in November, the directors of G4S rejected a GBP3.25 billion bid from Allied Universal, again stating that it undervalued the business. The "at least" 210p per share bid did, however, give Allied Universal the edge over Canadian rival GardaWorld, whose bid had been 190p.
G4S on Wednesday said it continues to be in discussions with Allied Universal, though said there can be no certainty that any firm offer will be made.
GardaWorld President & CEO Stephan Cretier said G4S shareholders have a "simple choice".
"G4S has been steadily weakened by a senior management team which has destroyed nearly GBP1 billion of value in the last seven years, wasted hundreds of millions on restructuring programmes that do nothing for margins and chased an unsustainable dividend policy fuelled by debt and disposing of assets on the cheap," said Cretier.
He added: "We urge shareholders to accept our final offer, doing so in the knowledge that G4S's customers, employees, pension scheme members and the wider public will finally get the excellent service, invigorating working culture and safe pension benefits they deserve."
G4S shareholders have until December 16 to accept the GardaWorld offer. The acceptance condition has been reduced to 50% plus one G4S share from 90% before.
By Lucy Heming;Â lucyheming@alliancenews.com
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