G4S Urges Shareholders To Reject GardaWorld's Inadequate Takeover Offer

(RTTNews) - U.K. security provider G4S plc. (GFSZY.PK, GFS.L) Thursday said its Board has unanimously rejected a 190 pence per share takeover offer by GardaWorld Security Corp., calling it inadequate.

The Board also urged its shareholders to reject the offer noting that the timing of the offer is highly opportunistic and significantly undervalues the business.

It was on September 30 that GardaWorld & BC Partners made the unsolicited offer. However, G4S issued statements earlier, continuously rejecting the offer.

In a letter to G4S shareholders, the Chairman said the shareholders are strongly advised to take absolutely no action in relation to the wholly unattractive and opportunistic Offer.

Earlier this month, G4S had said it received an expression of interest from Allied Universal Security Services LLC, regarding a possible offer for the company.