MONTREAL — Garda World Security Corp. has raised its hostile takeover offer for British security firm G4S to 3.68 billion pounds or about C$6.3 billion.
Under the proposal, Garda says it will pay 235 pence in cash for each G4S share, up from its earlier offer of 190 pence announced in September that amounted to about 2.97 billion pounds.
Montreal-based Garda also reduced the level of acceptances needed to a simple majority from 90 per cent.
Garda called it a final offer and set a deadline of Dec. 16 for shareholders to accept the bid.
The move follows a rival proposal by Allied Universal Security Services for G4S of “at least” 210 pence per share that the G4S board rejected on the basis that it was highly conditional and at 210 pence undervalued the company and its prospects.
G4S has more than 533,000 employees in 85 countries, including more than 9,000 in Canada.
News from © Canadian Press Enterprises Inc. 2020.
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