May 7, 2019

G4S shares fall as Canadian rival drops bid for security group

Shares in G4S fell as much as 8 per cent on Tuesday after Canadian rival GardaWorld said it would not make an offer for the British security company. A merger between the two groups would have created a global security giant with revenues of £9bn a year, but some analysts had always doubted the chances of a tie-up going ahead. GardaWorld, a privately owned security company with headquarters in Montreal, said on April 10 that it was in the preliminary stages of weighing an offer for G4S, which employs 570,000 staff. The Canadian group announced over the weekend that it was dropping its bid, and on Tuesday G4S updated investors that it had not received any proposal nor requests for information from the Canadian group. After initially falling more than 8 per cent to trade at 198p early on Tuesday, shares in G4S pared some of their early losses to trade down 3 per cent at 210p by mid-morning. "The group is making good progress in its plans to enable it to commence separation of the cash business in the second half of 2019," G4S said.

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