, LONDON, Oct 28 – G4S, the British security services firm, said Monday it had rejected a bid of £1.55 billion for its unit responsible for transporting and storing cash and valuables on behalf of businesses.
G4S revealed that it had last week received an offer for its cash solutions business, equivalent to $2.51 billion or 1.81 billion euros , from British private-equity group Charterhouse Capital Partners.
“The Board regards the nature and timing of the approach to be highly opportunistic and… the offer has been firmly rejected considering the strategic importance of the cash solutions businesses to G4S,” a statement said.
It also felt that the bid “fundamentally undervalues the business and its prospects”.
The cash solutions business last year accounted for 18 percent of G4S’s total revenue.
In 2012, G4S was embroiled in a security fiasco at the London Olympics after the company failed to provide thousands of the guards it had pledged for the huge sporting event, forcing the government to draft in troops to fill the shortfall.