G4S: GardaWorld raises hostile bid; shares jump
(CercleFinance.com) - Canadian security-services company GardaWorld has raised its hostile takeover offer for Britain's G4S to 3.
7 billion pounds, seeking to win over shareholders, after its previous offer only received a minute acceptance of 0.2%.
GardaWorld said it is now offering 235 pence per G4S share, in what it called its "final cash offer," well above its previous offer of 190 pence.
The level required to satisfy the acceptance condition has also been lowered from 90% to a simple majority of 50% plus one share, significantly increasing the likelihood that the deal goes ahead, it added.
In a statement today, G4S said its board is currently evaluating the increased offer, but urged shareholders to take no action in response to the new offer.
G4S shares were up almost 8% in morning trading on the London Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
7 billion pounds, seeking to win over shareholders, after its previous offer only received a minute acceptance of 0.2%.
GardaWorld said it is now offering 235 pence per G4S share, in what it called its "final cash offer," well above its previous offer of 190 pence.
The level required to satisfy the acceptance condition has also been lowered from 90% to a simple majority of 50% plus one share, significantly increasing the likelihood that the deal goes ahead, it added.
In a statement today, G4S said its board is currently evaluating the increased offer, but urged shareholders to take no action in response to the new offer.
G4S shares were up almost 8% in morning trading on the London Stock Exchange.
Copyright (c) 2020 CercleFinance.com. All rights reserved.