Garda World has made an increased and final offer for G4S of 235p per share, valuing the outsourcing business at £3.68bn.
While G4S continued to ask shareholders to reject offers from Garda World, the latter party has aggressively targeted an acquisition and suggested inadequate management of the business.
In a statement, Stephan Crétier, Founder, Chairman, President and CEO of GardaWorld pleaded to shareholders:
“Shareholders have a simple choice: remain invested in a company which has consistently failed them and the wider community for so many years, or realise their investment in cash, at a significant and highly attractive premium.
“Despite the excuses, claims, promises and ‘aspirational targets’ advanced during the course of the bid defence, the stark fact is that G4S is ex-growth and faces serious challenges. The real numbers are completely at odds with the rhetoric.
“G4S has been steadily weakened by a senior management team which has destroyed nearly £1 billion of value in the last seven years, wasted hundreds of millions on restructuring programmes that do nothing for margins and chased an unsustainable dividend policy fuelled by debt and disposing of assets on the cheap.
“It’s time for G4S to get back to its entrepreneurial roots. G4S needs an owner-operator that understands the people-orientated nature of the sector with the resources, time and expertise to solve the many challenges faced by the business.
“We are looking forward to working with G4S’s operational management teams in providing them with a clear, ambitious and motivating vision with resources to invest in the business to become a true global champion. We attach great importance to the skills and experience of the employees of G4S and expect G4S personnel to play an important role in driving the future success of our combined business. It’s time for G4S’s employees to get to play on a winning team.
“There can be no better owner for G4S than GardaWorld. Ours is a programme for growth and investment that G4S so desperately needs. This will take time but we have the skills, expertise and ambition to take on this challenge.
“We urge shareholders to accept our Final Offer, doing so in the knowledge that G4S’s customers, employees, pension scheme members and the wider public will finally get the excellent service, invigorating working culture and safe pension benefits they deserve.”
The GFS share price is currently at 230p having soared higher since lows of around 80p since the start of the original lock down.