Oct 6, 2020

GardaWorld steps up campaign against G4S in takeover battle

The Canadian security group behind a hostile bid for G4S has stepped up its campaign against the company's management, pointing to five "Potentially crippling" lawsuits as evidence that it requires new owners. On Tuesday Montreal-based GardaWorld, backed by the private equity company BC Partners, started meeting G4S shareholders in a bid to persuade them to force its board to accept a 190p a share offer. The Canadian group's founder and chief executive Mr Crétier has been increasingly vocal in recent weeks in his effort to win over G4S shareholders, including a slot on BBC Radio 4's Today programme last week in which he said the company was "Deeply troubled". G4S has 530,000 staff and turnover of about £7.8bn versus just £2.1bn and staff of 102,000 at GardaWorld. G4S added: "It is obvious, just by comparing our business in the US, the world's largest security market, with GardaWorld that G4S is superior in scale, capability and performance."

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