(Reuters) - Canadian security firm GardaWorld, which launched a hostile bid last month for larger rival G4S Plc (L:GFS), said on Sunday it has extended its offer after the British company repeatedly rejected its offers.
The offer will remain open for acceptance until Nov. 28, GardaWorld said in a statement.
"We are extending our offer for G4S because, despite its past problems and uncertain future, we believe we can turn the business around," GardaWorld's Chief Executive Stephan Cretier said.
G4S, one of the world's largest private security firms, had rejected GardaWorld's 190 pence per share offer valuing the company at 2.97 billion pounds, calling it "unattractive and opportunistic".
GardaWorld said it currently holds about 1.55% of G4S's issued share capital and received acceptances of about 0.16%.
"An acceptance level of 0.16% is consistent with the derisory level of GardaWorld's offer," the London-listed company said in response to the offer extension. "It is not surprising that GardaWorld have therefore been forced to extend their offer period."
Earlier this month, G4S also rejected a takeover proposal from U.S. rival Allied Universal Security Services, saying that the highly conditional offer of 210 pence per share significantly undervalues the company.