Thales outflanks Atos with 4.76b euro bid for Gemalto

Paris

FRENCH aerospace specialist Thales SA knocked out Atos SE's unsolicited attempt to buy Dutch cybersecurity provider Gemalto SA, outbidding the rival with a cash offer valued at 4.76 billion euros (S$7.57 billion) that won backing from the target company.

The offer for 51 euros a share comes less than a week after the 46 euro bid by Atos, which Gemalto rejected as "significantly" undervaluing the company. Thales received unanimous support for its overture from Gemalto's board, gaining the upper hand with an offer 11 per cent above its rival in the biggest bet yet for chief executive officer Patrice Caine since he took over three years ago.