G4S:rejects GardaWorld's offer in favour of Allied Universal

(CercleFinance.com) - G4S has rebuffed a 3.
7 billion pound offer by Canada's GardaWorld and recommended that shareholders approve a higher bid from a US company.

The security group said on Wednesday that its board carefully considered the revised GardaWorld offer, unanimously deciding to reject it on the basis that it continues to undervalue the company.

Earlier this month, GardaWorld said it is now offering 235 pence per G4S share, in what it called a "final cash offer," well above its previous offer of 190 pence.

Instead, G4S's board is recommending a cash offer to me made by Allied Universal, a provider of facility services and security backed by Wendel, under which shareholders will receive 245 pence in cash for each of their shares.

The G4S shares, which have risen almost 20% this year, were up just 0.5% at 256.8 pence on Wednesday morning.

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