Security company GardaWorld reveals it s trying to buy G4S
|CTVnews 14 Sep 2020 at 09:39|
LONDON -- GardaWorld, the world s largest privately owned security company, said Monday it was making a 3 billion-pound (US$3.9 billion) offer for G4S, saying its London-based rival has rejected or ignored three previous approaches.
Montreal-based GardaWorld says it decided to publicize its bid of 190 pence a share - a 30% premium to G4S s closing price on Friday - to pressure the firm into talks.
GardaWorld says the company s expertise will help turn around G4S, which has failed to deliver "for shareholders, customers, employees or the public."
"G4S needs an owner, not a manager. GardaWorld has 25 years of experience in the sector and we know how to improve and repurpose this business," Stephan Cretier, founder and chief executive officer of GardaWorld, said in a statement. "As owner-operators, we believe that the combined business s operations will offer a better future for all those who depend on G4S."
London-based G4S employs more than 500,000 people in 85 countries. The company said it had no immediate comment on the GardaWorld offer.