© Reuters. FILE PHOTO: A G4S security van sits outside a bank in Loughborough
(Reuters) – Canadian security firm GardaWorld, which last month made a hostile offer for bigger rival G4S Plc (L :), announced on Sunday that it had extended its offer after the British company repeatedly turned down its offers .
The offer remains open for acceptance until November 28th, announced GardaWorld in a statement.
"We are expanding our offering for G4S because, despite past problems and the uncertain future, we believe we can turn the business around," said Stephan Cretier, CEO of GardaWorld.
G4S, one of the world's largest private security companies, had rejected GardaWorld's offer of 190p per share valued at £ 2.97 billion ($ 3.91 billion), calling it "unattractive and opportunistic".
GardaWorld said it currently holds approximately 1.55% of the issued share capital of G4S and has received approximately 0.16% acceptances.
"An acceptance of 0.16% corresponds to the ridiculous level of the offer from GardaWorld," said the company listed on the London Stock Exchange in response to the expansion of the offer. "It is not surprising that GardaWorld was therefore forced to extend its offer period."
Earlier this month, G4S also turned down a takeover proposal from US competitor Allied Universal Security Services, stating that the highly conditional offer of 210p per share is significantly undervaluing the company.
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