G4S: board rejects GardaWorld's hostile bid
(CercleFinance.com) - G4S's board unanimously rejected GardaWorld's 3-billion-pound hostile takeover bid on Wednesday, saying that it "significantly undervalues" the company, and urged shareholders not to tender their shares.
The UK security firm's refusal to support the offer was not a surprise, as GardaWorld offers to acquire G4S at a price of 190 pence per share.
On comparison, G4S closed at a price of 214 pence last night.
In a press release, G4S said that GardaWorld's documents are "misleading" and designed to serve the interests of its own shareholders rather than the interests of G4S's shareholders.
"When assessing the value of G4S, what matters is the strength of the company's current position, performance and its future prospects," G4S said.
Its shares were up over 2% today on the London Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The UK security firm's refusal to support the offer was not a surprise, as GardaWorld offers to acquire G4S at a price of 190 pence per share.
On comparison, G4S closed at a price of 214 pence last night.
In a press release, G4S said that GardaWorld's documents are "misleading" and designed to serve the interests of its own shareholders rather than the interests of G4S's shareholders.
"When assessing the value of G4S, what matters is the strength of the company's current position, performance and its future prospects," G4S said.
Its shares were up over 2% today on the London Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.