May 7, 2019

Garda World’s £3bn bid for G4S seems a phoney war

So Tuesday's confirmation from G4S that GardaWorld had no intention of launching a takeover bid came as little surprise to battle-hardened analysts. G4S reported no contact with the enemy: it received no proposals, nor requests for information or deadline extensions, from GardaWorld. What GardaWorld has definitely succeeded in is attracting the attention of other buyers for G4S Cash Solutions. With a bigger auction now in prospect, Panmure's discounted cash flow values G4S Secure Solutions at 184p and Cash at 70p, giving 254p in total. Jefferies makes the sum of the parts 300p. With G4S shares down 3 per cent to 210p on Monday's bid ceasefire, this looks like a phoney war where everyone's a winner.

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