GFI says 'non' to Fujitsu bid

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. ®