Canadian security firm GardaWorld has confirmed that it has extended its offer to purchase G4S Plc after its significantly larger UK-based rival rejected several of its previous offers. The Canadian firm revealed in a statement that its latest offer will remain valid until November 28.
Gardaworld’s previous offer valuing G4S Plc at 2.97 billion pounds ($3.91 billion), or 190 pence per share, was resoundingly rejected by G4S, with the British powerhouse going so far as to declare the offer to be “unattractive and opportunistic”.
Despite this harsh feedback, Gardaworld remains resolute in its pursuit, with Chief Executive Stephan Cretier going so far as to state: “We are extending our offer for G4S because, despite its past problems and uncertain future, we believe we can turn the business around.”
Gardaworld is not the only firm in the private security sector to launch a bid for G4S. United States private security giant Allied Universal Security Services also made a move for G4S earlier this month, with the reason for the decision being that Allied Universal’s offer of 210 pence per share undervalued the company by a significant sum.
