GardaWorld, the world’s largest privately-owned security firm, said on Monday that it offering £2.96 billion for the London-based firm.
Shares in G4S surged in early trading after the prospective bidder confirmed the move.
The hostile bid comes more than a year after GardaWorld walked away from a previous £3 billion offer for G4S.
Stephan Cretier, founder and chief executive officer of GardaWorld said: “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.
“As owner-operators, we believe that the combined business’s operations will offer a better future for all those who depend on G4S.
“We will turn G4S around, ensuring it delivers for its customers, its people and the public.
“The combination of GardaWorld and G4S is an important part of our strategy to create the world’s leading security services business. If successful, our commitment to the UK will be for the long-term.”
The PA news agency has contacted G4S for a comment.