The Channel logo

News

By | Christopher Williams 15th August 2007 10:15

GFI says 'non' to Fujitsu bid

Hard to get

Fujitsu is feeling rejected after its bid for French IT services group GFI was bounced by investors, management, and staff.

Fujitsu Services' €8.50 per share bid had demanded that a minimum of 66.67 per cent of shareholders agree to sell up. In the end, only 40.6 per cent liked the deal.

GFI management control 13 per cent of the equity in the firm and rejected the bid. Other major opposition came from private equity group Apax Partners' stake in GFI, which it has recently increased to 14.9 per cent. An attempt by Apax to snatch a 27 per cent slice of GFI was also rejected earlier this year.

Fujitsu is attempting to shift its business IBM-style, away from hardware towards high margin consultancy work.

Fujitsu Services CEO David Courtley said: "Our strategy continues to be based on both organic growth and acquisition in the principal European markets, including France."

GFI shares rose 3.1 per cent yesterday on the news. ®

alert Send corrections

Opinion

Microsoft CEO Satya Nadella
Stranded_ships

Chris Mellor

Thousands of layoffs announced as spinning rust enters its death spiral

Chris Mellor

BTIG analysts ponder Pure's position and fall in (qualified) love

Features

Tough question, pic via Shutterstock
Honest mistake with your licensing? Audit police look at it on a 'case by case basis'
Kevin Turner
Last of Steve Ballmer's old guard heads for the exit
Wind turbine, image via Shutterstock