G4S flags benefits of Baltic cash disposal as it fights off hostile takeover

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G4S PLC (LON:GFS) said it has completed the sale of its Baltic states cash business and received around 83% of the expected proceeds.

The FTSE 250-listed security group, which earlier this week rejected a GBP3bn takeover proposal from smaller Canadian rival GardaWorld, agreed to offload its conventional cash businesses to The Brink’s Company in February.

G4S said the “substantial majority of the remaining completions are scheduled to occur during the remainder of 2020”.

The transaction, it added, “greatly enhances” its strategic, commercial and operational focus as well as strengthening its financial position.

On Monday, after GardaWorld went hostile with its bid as it said three attempts to engage with G4S in recent months had been “dismissed or ignored”, the UK company said the offer “significantly undervalues” its prospects and that the timing is “highly opportunistic”, coming at a time of severe turbulence in global financial markets.

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