Escape plot

2 Dec 2020 By Dasha Afanasieva Follow @dasha_reuters

The Canadian security firm raised its bid for the UK group to 3.7 bln pounds, having argued much less was fair on Monday. The new price is hardly a knockout either. CEO Stephan Cretier’s erratic handling of the offer and a possible counterbid give investors reason to hold out.

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Canada’s GardaWorld has raised its offer for UK security group G4S to 235 pence a share or 3.7 billion pounds, it said on Dec. 2.

The bidder reduced the threshold of acceptances to 50% from 90%. It reserved the right to increase its bid if there is an announcement of a firm intention to make an offer from a third party.

GardaWorld had extended the deadline for the bid to Dec. 16. Its previous bid of 190 pence had received less than 0.2% acceptance.

Shares in G4S had risen by 7.6% to 246 pence by 0837 GMT on Dec. 2.

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