LONDON â€" G4S said it has rejected a 1.55 billion pound ($2.51 billion) nonbinding offer from British private-equity firm Charterhouse Capital Partners for its business that provides armed car and other cash transport services.
The company, which describes itself as the world’s largest security and outsourcing group, said it received the nonbinding offer on Oct. 22, but would not pursue it because the G4S board of directors sees the cash transport business as a “core†operation.
“The board regards the nature and timing of the approach to be highly opportunistic and, following due consideration, with the assistance of financial advisers, the offer has been firmly rejected considering the strategic importance of the cash solutions businesses to G4S and because the board believes the conditional offer fundamentally undervalues the business and its prospects,†the company said in a statement.
Charterhouse declined comment Monday.
G4S said the cash transport unit is integral to its operations and strategic plans, noting that the business is the No. 1 or No. 2 provider of those services in 61 of the 66 markets where it operates.
Overall, the company operates in more than 120 countries and employs more than 620,000 people.
G4S’s stock was up 1.16 percent to 261.50 penny sterling in trading on Monday morning.
