Nov 16, 2020

City Bulletin: G4S steps up defence against hostile takeover bid from rival

Security group G4S is stepping up its defence manoeuvres against a £3bn hostile takeover bid from GardaWorld, its Canadian peer. "The board of G4S believes that RCS represents exceptional unrecognised value within G4S. RCS is revolutionising global cash management with the potential to generate significant returns for G4S shareholders," the company said. Shareholders have until November 28 to consider the 190p-a-share approach from GardaWorld, which G4S has dismissed as "Wholly inadequate" and which was backed by fewer than 1 per cent of its shareholders at the first deadline earlier this month. Smiths Medical, the recent subject of revived speculation about bid interest, reported underlying revenue up 4 per cent. First-half results from Vodafone show a 2.3 per cent fall in group revenue to €21.4bn "As good underlying momentum was offset by the effects of COVID-19 on roaming and visitor revenue, as well as lower handset sales." Adjusted ebitda for the six months ended September declined by 1.9 per cent to €7bn. Nick Read, Vodafone chief executive, said the results "Underline increased confidence in our full year outlook".

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