(Adds more details, background)
Nov 8 (Reuters) - Canadian security firm GardaWorld, which
launched a hostile bid last month for larger rival G4S Plc
, said on Sunday it has extended its offer after the
British company repeatedly rejected its offers.
The offer will remain open for acceptance until Nov. 28,
GardaWorld said in a statement.
"We are extending our offer for G4S because, despite its
past problems and uncertain future, we believe we can turn the
business around," GardaWorld's Chief Executive Stephan Cretier
said.
G4S, one of the world's largest private security firms, had
rejected GardaWorld's 190 pence per share offer valuing the
company at 2.97 billion pounds ($3.91 billion), calling it
"unattractive and opportunistic".
GardaWorld said it currently holds about 1.55% of G4S's
issued share capital and received acceptances of about 0.16%.
"An acceptance level of 0.16% is consistent with the
derisory level of GardaWorld's offer," the London-listed company
said in response to the offer extension. "It is not surprising
that GardaWorld have therefore been forced to extend their offer
period."
Earlier this month, G4S also rejected a takeover proposal
from U.S. rival Allied Universal Security Services, saying that
the highly conditional offer of 210 pence per share
significantly undervalues the company.
($1 = 0.7603 pounds)
(Reporting by Yadarisa Shabong and Ann Maria Shibu in
Bengaluru; Editing by Chizu Nomiyama)
