G4S Not In Favour of Charterhouse’s Offer for its Cash Solutions Unit
Charterhouse Capital Partners, a British private equity group, had put forth a 1.55 billion pound offer to G4S. A recent report has uncovered that the offer has been rebuffed by G4S, known to be the largest security services firm in the world.
The company has constantly been making efforts to pull through from many damaging episodes with British government. Thus, it said on Monday that the bid appeared to it as something diplomatic. Also, the business was underrated by the same.
The offer came for the cash solutions business of the firm. This unit includes services such as transportation of cash via high-security vans. It has been found that the unit has contributed for some 18% of the group turnover of 7.3 billion pound of G4S the previous year.
The report unveiled that the company's shares opened higher by 2% and these traded at 261.3 pence at 1.1% at 08:30 a. m.
The firm affirmed that it was committed for making investments in the core businesses of it. Maybe it was cash solutions with strong opportunities for lucrative growth that could be maintained as well.
"It does feel like the offer from Charterhouse has been a little bit opportunistic, these are businesses that private equity loves - decent cash generation, higher returns", stated Mike Allen, Panmure Gordon analyst.
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