Under-fire security company G4S has rejected a £1.55bn offer from private equity firm Charterhouse Capital Partners for is cash solutions business.
The company said the offer “fundamentally undervalues” the business and its prospects.
It said the unit was core to G4S’ operations and strategic plans and said the nature and timing of the approach “highly opportunistic”. G4S also said it remained committed to invest in its core businesses, including cash solutions, which have strong opportunities for sustainable profitable growth. “The cash solutions business is integral to G4S’ operations and strategic plans.”
The division manages the secure transportation of cash using high security vehicles, as well as ATM management, retail cash management and consultancy. Cash solutions accounted for 18 per cent of GFS’ revenues and 24 per cent of group PBITA for the year ended 31 December 2012.
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