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5/7/2019, 11:03 AM (Source: TeleTrader)
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Chart for: G4S PLC ORD 25P

G4S shares plunge after takeover bid dropped

Shares of British security firm G4S plc fell by almost 3% on Tuesday after Canadian company GardaWorld Corp. dropped its offer to buy the London-based company over the weekend.

G4S' shares were down 3.10% at 10:48 am CET. It previously announced on Sunday that GardaWorld had not submitted any bids for the company and was walking away from a possible deal between the two. It did however state that it had received other expressions of interest for its cash solutions businesses, which involve the collection, handling and transportation of money in armored vans, and that these would be evaluated together with the GardaWorld separation review.

The Canadian company said that it was considering an acquisition offer for its British counterpart in April. G4S' shares subsequently skyrocketed by over 30% at one point following the announcement before continuing to rise by over 15% throughout the day. A merger between the pair would have created a global security juggernaut that would have had annual revenues of around £9 billion and employed over 570,000 people.

Breaking the News / DZ