British multinational security service company G4S plc rejected GardaWorld's $3.81 billion bid. GardaWorld was offering $2.44 per share, a 0.5% premium on G4S Tuesday closing price. GardaWorld is a Canadian private security firm headquartered in Canada.
G4S already rejected two offers earlier this year, one for $1.87 and the other for $1.97 per share. According to GardaWorld this offer was "full and fair price" as G4S might face a number of legal actions and claims due to scandals, and lawsuits surrounding the company that might make the cash flows uncertain.
G4S rejected this offer claiming it to be unattractive and undervaluing the company. G4S largest shareholder, Schroders also agrees that this bid undervalues the company, however the firm is open to a bid, just for a higher price.