CANADA’S largest security firm Gardaworld extends its offer for UK’s G4S for an extra two-weeks.
G4S is one of the world’s largest private security firms and has been subject to multiple bids from their Canadian rivals, which they have rejected.
However, in an announcement from GardaWorld’s Chief Executive Stephan Cretier, the company said the offer will remain open for acceptance until November 28.
“We are extending our offer for G4S because, despite its past problems and uncertain future, we believe we can turn the business around,” he said.
UK’s G4S, a multinational security services company headquartered in London, called GardaWorld’s offer of 190 pence per share offer (valuing the company at £2.97 billion) as “unattractive and opportunistic”.
GardaWorld said it currently holds about 1.55% of G4S’s issued share capital and received acceptances of about 0.16%.
“An acceptance level of 0.16% is consistent with the derisory level of GardaWorld’s offer,” the London-listed company said in response to the offer extension. “It is not surprising that GardaWorld have therefore been forced to extend their offer period.”
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