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

Alexandre Mesguich

Change is order of day as tech giants shift strategy gears
Partnership

Frank Jennings

Confused? No problem, we have 5, no 6, no 7... lots of standards

Chris Mellor

VC sequence could end not with a bang, but a whimper
Sad man stares glumly over boxed contents of desk. Image via shutterstock (Baranq)

Features

money trap conceptual illustration
Big boys snare the unwary with too-good-to-be-true deals
Angus Highland cow
Pet carriers not wanted for whitebox stampede
FBcoldstoragearray
Sorry OpenStack and Open Compute, we're not all Facebook
Gary Kovacs, CEO of AVG. Pic: World Economic Forum
Scammy download sites? Government snooping? Run of the mill for Gary Kovacs