Vigilance can confirm that G4S plc on 22nd October, 2013 received a non-binding, indicative and conditional offer of £1,550 million from Charterhouse Capital Partners LLP for its cash solutions business.
It was gathered the non-binding offer is subject to due diligence and financing and free of cash, debt, tax and pension liabilities.
However, the security giant’s Board which considers the Group's cash solutions services to be core to company’s operations and strategic plans and having regarded the nature and timing of the approach to be highly opportunistic and, following due consideration, with the assistance of financial advisers firmly rejected the mouth watery figures considering the strategic importance of the cash solutions businesses to G4S and because it believes the conditional offer fundamentally undervalues the business and its prospects.
Having refused to be tempted, the Board was quick to warn the company does not intend to pursue this non-binding, conditional offer and has notified Charterhouse Capital Partners LLP.
The Board reiterated that as communicated at the time of the August 2013 share placing, G4S is committed to invest in its core businesses, including cash solutions, which have strong opportunities for sustainable profitable growth, adding the cash solutions business is integral to G4S' operations and strategic plans, unique in its scale and diversity, with unrivalled emerging markets exposure and strong characteristics.