The security company – the world’s largest security services firm by revenues – said the approach was “highly opportunistic” and undervalued the business.
G4S said: “The offer has been firmly rejected considering the strategic importance of the cash solutions businesses to G4S and because the Board believes the conditional offer fundamentally undervalues the business and its prospects.
“G4S is 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.”
G4S claims the cash solutions arm boasts an “attractive financial profile” delivering competitive margins and growth rates.
The cash solutions business accounts for around 18 per cent of G4S’s total turnover and is experiencing strong market growth. Between 2007 and 2011, cash in circulation grew at around 7 per cent CAGR in developed markets and 12 per cent CAGR in emerging markets.
In August, G4S reported that sales were up 7.2 per cent to £3.65 billion in the first half of 2013. The company posted a first-half operating profit of £201 million.