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A G4S security van sits parked outside a bank in Loughborough, England, on Aug. 28, 2013.

Darren Staples/Reuters

British private security company G4S PLC on Wednesday once again rejected smaller Canadian rival GardaWorld Corp.’s offer and dismissed claims made by the hostile bidders in a pitch to shareholders as misleading.

GardaWorld, which launched a hostile bid for one of the world’s largest private security companies, G4S, last month, said on Tuesday that it, along with its private equity owner BC Partners, had a plan to “address G4S' pension issues."

That prompted G4S to say its U.K. pension schemes, attached to its retained U.K. cash operations, were “well funded” and “well managed” and that it already has an agreed funding plan with its trustees.

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“The Board, once again, unanimously rejected this offer as it continues to significantly undervalue the company,” G4S said, referring to the 190-pence-a-share offer valuing the London-listed firm at £2.97-billion ($5.1-billion).

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