UK private equity house ICG has seen its €4.2bn buyout offer for the Evidian unit of beleagured French tech consultancy Atos unit rejected.
Atos has suffered a torrid year of profit warnings, the loss of a new CEO after just six months and a filed bid for DXC Technology.
In June it split its business in to Evidian, which houses the digital, big data and security operations, and a Tech Foundation Co for more troubled data centre, hosting, comms and business process outsourcing units.
ICG had teamed with Atos rival onepoint for its Evidian takeover offer, sending an unsolicited letter of intent to buy the unit at a €4.2bn enterprise value.
A statement from Atos said, “Following the thorough examination of this preliminary and non-binding mark of interest, and upon the recommendation of its ad hoc committee, the board of directors has convened and unanimously concluded that it is not in the interest of the company and its stakeholders.
“The Board of Directors has therefore decided not to proceed.”
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