Investors shun Canadian predator Garda World’s £3bn bid for G4S forcing it to extend the deadline
Garda World has been forced to extend the deadline for its G4S bid by three weeks
Garda World was forced to extend the deadline for its G4S bid after its £3billion offer received a ‘derisory’ response from shareholders.
The Canadian predator – which already holds a 1.55 per cent stake in G4S – said just 0.16 per cent of investors at the FTSE 250 security firm, had accepted the 190p a share offer ahead of the Sunday deadline.
Garda’s boss Stephan Cretier reiterated his clarion call to the UK firm’s investors yesterday promising them ‘the certainty of cash today, not jam tomorrow’ as he extended the deadline for shareholders to accept by three weeks.
G4S said the low acceptance rate for the 190p-per-share offer ‘is consistent with the derisory level of Garda World’s offer’.
G4S’s board also turned down a second 210p a share offer from US firm Allied Universal.
G4S shares rose 0.5 per cent, yesterday.