(Reuters) - Canadian security firm GardaWorld said on Monday it has further extended its cash offer for larger rival G4S (CSE:G4S), which has repeatedly rejected the hostile bid valuing the British company at about 3 billion pounds ($4 billion).
The offer will remain open for acceptance until Dec. 16, GardaWorld said, after earlier extending the offer until Nov. 28. It received valid acceptances of a total of 2.8 million G4S shares, or 0.17%, as at Nov. 28.
G4S, one of the world's largest private security companies, had rejected GardaWorld's sweetened 190 pence per share proposal in September, calling it "highly opportunistic."
"GardaWorld has received only 0.17% acceptances, reflecting the derisory level of the offer," G4S said in a statement, urging shareholders to take no action.
G4S also said this month that it had rejected what it termed a "highly conditional" offer from U.S. company Allied Universal at a price of 210 pence per share.
Shares in G4S were on track to gain 13% this quarter after surging 75% in the quarter ended September. They were down marginally in early trade.
"Throughout this process, we have not seen a single piece of evidence to suggest that our offer of 190p in cash is anything other than full and fair," GardaWorld Chief Executive Officer Stephan Crétier said.