A Reuters report said G4S declined the bid of Charterhouse Capital Partners for the former's cash solutions business. The British private equity group had offered the security services provider GBP1.55 billion to acquire its cash solutions division. G4S is the largest security services firm in the world.
G4S said in a statement, "G4S is committed to invest in its core businesses, including cash solutions, which have strong opportunities for sustainable profitable growth."
The news seemed to have not affected stocks of the security services company. Shares rose 2% at the opening, and traded at a 1% at 261.3 pence at 0830 GMT.
Panmure Gordon analyst Mike Allen said about the rejected bid, "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. It's quite a stable business really, it's not produced to its full potential in recent years because of interest rates being so low... At the moment G4S need a business like that while they're trying to find their feet when there's so much uncertainty with the UK government."
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