Oct 17, 2020
G4S faces fresh salvo in £3bn hostile takeover bid
GardaWorld, the Canadian security group behind a £3bn hostile takeover bid for G4S, has accused the company of "Baseless optimism" about its prospects and pledged to make sweeping "Cultural change" if it takes control, its latest salvo as it seeks the backing of shareholders. Offer documents sent by GardaWorld to G4S shareholders on Saturday argue that its 190p-a-share bid - the same price at which it began the hostile campaign more than a month ago - is justified given the level of investment needed to address longstanding financial and reputational issues. G4S, best-known for running prisons and providing security guards, is expected to reject the approach, though its largest investor Schroders has stated that it is open to a takeover at a higher price. GardaWorld is a much smaller operation, with about £2bn of annual revenues and 100,000 employees, but it argues that G4S has been losing market share. G4S said last week that it had received interest from a rival acquirer, Allied Universal, one of the largest operators in the US, the world's biggest security market.
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