Sep 30, 2020

GardaWorld makes formal £3bn hostile takeover bid for G4S

UK security group G4S on Wednesday received a formal £3bn hostile takeover bid from Canadian rival GardaWorld, which said the company needed fresh management to deal with "Scandals, crises and lawsuits". In an attempt to persuade investors that its 190p-a-share cash offer was a "Full and fair price", GardaWorld said G4S was "Deeply troubled" and likely to face a number of further legal claims and provisions that would make cash flow uncertain. G4S has 530,000 staff and turnover of about £7.8bn versus just £2.1bn and staff of 102,000 at GardaWorld. Nandeep Bamrah, vice-president of West Face Capital, a small shareholder in G4S, said that GardaWorld had been highly acquisitive, making nine purchases in the year to January 2020. "The valuations that GardaWorld has paid for recent acquisitions implies a price above 250p for G4S shares," he said.

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