Dec 2, 2020

GardaWorld raises bid for G4S in bitter takeover battle

Canadian security group GardaWorld has raised its bid for UK rival G4S to £3.7bn, as one of the most rancorous takeover battles of recent years enters its final stages. The Montreal-based group on Wednesday announced a final offer of 235p a share for G4S, the world's largest security company, up from a previous bid of 190p that had been roundly rejected by the UK group's shareholders. GardaWorld's chief executive Stephan Crétier said the new offer included a £770m "Support package" to address what he called G4S's "Pension problems" and only required the approval of a simple majority of G4S shares, instead of 90 per cent previously. G4S rejected Gardaworld's earlier advances, calling them "Highly opportunistic" and saying the 190p offer undervalued the company. Following the higher bid on Wednesday, G4S said it was "Evaluating" the new offer and urged shareholders to take no action.

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