(Bloomberg) -- G4S Plc’s board recommended that shareholders reject an offer by Canada’s GardaWorld to acquire the British security provider, calling the timing of the offer “highly opportunistic.”

“The terms of the offer remain unchanged from those contained in GardaWorld’s announcement on 30 September 2020, which the Board unanimously rejected,” the company said on Sunday. The bid significantly undervalues G4S and its prospects and is not in the best interests of shareholders or other stakeholders, according to the statement.

G4S shares have surged more than 40% since Sept. 14 after receiving a 190 pence-per-share offer from GardaWorld, closing at 208.7 pence on Friday. The Canadian group made a hostile takeover bid after failing to convince G4S’s management.

The British company said this month it has also received takeover interest from U.S. competitor Allied Universal Security Services LLC.

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