G4S: reiterates rejection of GardaWorld's offer
(CercleFinance.com) - British security firm G4S has reiterated its rejection of GardaWorld's three-billion-pound offer on Sunday, noting that the proposal "significantly undervalues" the company.
The statement comes after GardaWorld posted documents on Saturday which contained the full terms and conditions of its unsolicited offer to acquire G4S shares for 190 pence in cash.
G4S said that the offer continues to significantly undervalue its business from a number of angles, including historic performance, trading and transaction multiples, as well as its fundamental and intrinsic value.
"GardaWorld is a very highly leveraged business that has grown through a string of acquisitions and which has incurred net losses of 940 million Canadian dollars over the past three years," it added.
"We believe that GardaWorld needs G4S in order to realise its aspirations", the company pointed out.
G4S hence recommended that shareholders reject the offer and take absolutely no action.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The statement comes after GardaWorld posted documents on Saturday which contained the full terms and conditions of its unsolicited offer to acquire G4S shares for 190 pence in cash.
G4S said that the offer continues to significantly undervalue its business from a number of angles, including historic performance, trading and transaction multiples, as well as its fundamental and intrinsic value.
"GardaWorld is a very highly leveraged business that has grown through a string of acquisitions and which has incurred net losses of 940 million Canadian dollars over the past three years," it added.
"We believe that GardaWorld needs G4S in order to realise its aspirations", the company pointed out.
G4S hence recommended that shareholders reject the offer and take absolutely no action.
Copyright (c) 2020 CercleFinance.com. All rights reserved.