Shares of G4S PLC (LON: GFS) are trading modestly higher in London today after the security firm dismissed Gardaworld’s hostile takeover bid.
In today’s statement, G4S confirmed its board unanimously dismissed an offer from the Gardaworld, its Canadian rival, worth 190p per share. The offer values G4S at about £3 billion
According to the company, the offer was “not in the best interests of shareholders or other stakeholders”.
“G4S has been fundamentally re-positioned and is a focused, industry-leading global security company,” the company said in a statement.
“Gardaworld is a very highly leveraged business that has grown through a string of acquisitions and which has incurred net losses of C$940m over the past three years. We believe that Gardaworld needs G4S in order to realise its aspirations.”
G4S share price trades at 209.0p or 0.1% higher today. Shares hit a 10-month high at 214.4p earlier this month.
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