Enstar Group Ltd
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Financials : Insurance | Small Cap Growth
Based in Bermuda
Company profile

Enstar Group Limited is an insurance group that offers capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. The Company's segments include Non-Life Run-Off, Atrium, StarStone, and Life and Annuities. The Non-life Run-off segment comprises the operations of its subsidiaries that are running off their property and casualty and other non-life lines of business. The Atrium segment underwrites specialist marine, energy, aerospace, non-marine and liability classes. The StarStone segment offers a range of property, casualty and specialty insurance products. The Life and Annuities Segment consists of the operations managing the Company's closed-block of life and annuity business, and its life settlements business.

Closing Price
Day's Change
0.92 (0.52%)
B/A Size
Day's High
Day's Low
(Heavy Day)

10-day average volume:

UPDATE: Canadian security company GardaWorld offers GBP3 billion to buy U.K.-listed rival G4S

1:15 pm ET September 14, 2020 (MarketWatch)

By Lina Saigol

Montreal-based GardaWorld has approached G4S three times between June 15 and Aug. 31

Shares in G4S soared almost 25% on Monday, after Canadian rival GardaWorld said it had offered almost GBP3 billion ($3.87 billion) to take control of the U.K.-listed security firm and pressed G4S investors to back the proposed bid.

Montreal-based GardaWorld said it had offered to pay 190 pence a share in cash for G4S on Aug. 31, but that its attempts to engage with G4S's board have now been "summarily dismissed or ignored on three occasions (https://www.investegate.co.uk/garda-world-security/rns/gardaworld-announces-possible-offer-for-g4s-plc/202009141100168985Y/)."

"G4S needs an owner, not a manager. GardaWorld has 25 years of experience in the sector and we know how to improve and repurpose this business," said Stephan Crétier, founder and chief executive officer of GardaWorld.

Paving the way for a hostile bid, he added: "Consequently, GardaWorld now encourages G4S's shareholders to mandate their board's engagement in collaborative discussions towards a transaction that would be of clear and immediate benefit to G4S's shareholders, customers, employees and members of the company's pension schemes."

Shares in FTSE-250-listed G4S rose 24.5% to 182 pence on Monday in early European trading.

The offer represents a premium of 32% (https://www.garda.com/investor-relations/documents/13426) to G4S' closing share price of 144 pence on Aug. 28, and a premium of 86% to the closing share price on Jun. 12, the trading day prior to its first approach on Jun. 15, GardaWorld said.

"Given the starting price, the chequered past/management credibility, and the fact that many shareholders are long-suffering, we are very surprised that G4S hasn't engaged with GardaWorld and would expect now to see pressure from shareholders to do so," analysts at RBC Capital Markets said in a research note to clients.

They said that if the starting bid could be raised to 210/215p, there would be a reasonable chance of a deal, but cautioned that this could potentially trigger other bid interest to emerge. "We would not be selling the stock yet," the analysts wrote.

Read:G4S scraps dividend as adjusted profit drops (http://www.marketwatch.com/story/g4s-scraps-dividend-as-adjusted-profit-drops-2020-07-23)

In a letter to G4S chairman John Connolly, Crétier and private equity group BC Partners chairman Raymond Svider said: "This is an offer that your board should not ignore. This is an offer that we believe your shareholders would consider very seriously. It is definite, certain, in cash and fully financed."

BC Partners bought a 51% stake in GardaWorld, which provides armored cars, cash-handling services and automated teller machine maintenance, in 2019.

GardaWorld said the deal would be financed by cash from BC Partners, while three banks--Barclays , Bank of America (BAC) and UBS (UBS), have already received the necessary internal approvals to underwrite debt financing for the deal.

G4S has not yet responded to the statement by Garda.

-Lina Saigol; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

September 14, 2020 13:15 ET (17:15 GMT)

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