Tysons, Virginia-based DXC Technology, one of the D.C. area’s largest employers, has rejected an unsolicited takeover bid by French IT firm Atos SE.
“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 said in a statement. “After sharing certain high-level information in order to help Atos understand why the Board believes the proposal undervalued DXC, Atos and DXC today agreed to discontinue further discussions.”
It would have been Atos’ biggest acquisition ever.
DXC was formed by the 2017 merger of Computer Sciences Corp. and Hewlett Packard’s enterprise services business. It is one of the Washington region’s 10 largest employers, with 15,000 employees locally and 130,000 worldwide.
It is also one of the 10 largest publicly traded companies in the D.C. area.
DXC Technology had $19.6 billion in revenue in 2020, according to Bloomberg data.