DXC Technology has announced it has rejected a US$10 billion acquisition offer from French integrator Atos.
The global systems integrator said the offer was “determined to be inadequate and lacking certainty”.
Both sides have agreed to discontinue further discussions after sharing “certain high-level information”.
“As previously announced, on January 6, 2021, DXC Technology received an unsolicited, preliminary and non-binding proposal from Atos SE. Prior to receiving the proposal, DXC had no knowledge of any interest from Atos,” DXC’s announcement read.
“Consistent with its fiduciary duties, the DXC board of directors carefully evaluated the proposal, together with its financial and legal advisors. The offer was determined to be inadequate and lacking certainty in light of the value the board believes DXC can create on a standalone basis by executing our transformation journey.
"DXC remains confident in its transformation journey focused on delivering for our people, customers, and shareholders."
Atos announced in early January that it offered to acquire DXC, in what was reportedly a US$10 billion offer.
The deal was seen as the Atos' move to bolster its US presence, where it generated close to 30 percent of its 11.59 billion euros in revenue in financial year 2019. It also follows an acquisition spree from 2020 that involved 12 companies globally.