G4S shares under pressure as Canadians retreat
Garda does not intend to make an offer for G4S.
Shares in G4S have tumbled after Canadian security firm Garda World Security walked away from a potential £3 billion bid for the British firm.
Garda revealed last month that it was in the preliminary stages of considering an approach to the board of G4S regarding a possible cash offer for all or part of the company.
However, over the weekend, Garda – which describes itself as the “world’s largest privately owned security company” – said that it does not intend to make an offer for G4S.
The news sent shares in the security giant down more than 6% to 202p in Tuesday trade.
For its part, G4S said that it will continue to focus on its previously announced review of options for the separation of its cash solutions business.
The group is making good progress in its plans to enable it to commence separation of the cash business in the second half of 2019 G4S
It said: “Our aim is to establish two strong independent businesses that are able to take advantage of their leading market positions and excellent service offerings for the benefit of customers, employees and shareholders.
“The group is making good progress in its plans to enable it to commence separation of the cash business in the second half of 2019.”
The company announced in December it was looking to split off its cash business to focus on its security operations.
Last month, G4S said it received interest from potential bidders over the unit.
G4S, which gained notoriety for bungling a contract to provide security at the London Olympics in 2012, has been trying to turn itself around under boss Ashley Almanza.