Dec 2, 2020
City Bulletin: GardaWorld ups its bid for G4S
GardaWorld offered to buy G4S for 235p a share in cash, up from 190p previously. Its improved terms represent a premium of 130 per cent versus G4S's undisturbed share price on June 12, the day before GardaWorld's interest became public, though is only slightly above Tuesday's closing level of 229p. The Canadian company also lowered its approval threshold from 90 per cent of G4S shares to a simple majority and said it had reached a deal with pension fund trustees to provide a £770m support package. Stephan Crétier, GardaWorld's outspoken founder, gave another 350 words on why G4S had "Consistently failed" both its shareholders and the wider community. The airline said that on a rolling 12 month basis booked passengers had totalled 19.3m, down 50.6 per cent year on year. Ryanair's November update showed a similar drop with passenger traffic down 82 per cent, or on a rolling 12 month view down by 60 per cent to 61.4m. Landlords including Legal & General and the Royal Festival Hall have begun taking unpaid rent from tenant deposits as a way round a government ban on legal action to recover the money.
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