The deadline for Fujitsu’s 8.50 euros ($11.70) per share bid ended on Wednesday, with the outcome expected to be made public within a week. GFI’s board has consistently opposed the offer, claiming it to be too low, and in a new twist, the company’s CEO told French radio that he would consider a merger with local rival Groupe Bull if the Fujitsu bid fails.
GFI’s shares traded 8 euros on Wednesday morning, which was significantly below Fujitsu’s offer, and the investment community is pessimistic about Fujitsu’s chances of getting the approval of two thirds of GFI’s shareholders that it needs to seal the deal.
One obstacle for Fujitsu is that investment fund Apax Partners, which made a rejected rival bid to Fujitsu to buy a 27% stake in the business. Apax, which opposes the Fujitsu bid, has now raised its stake to 14.4% of GFI’s shares, while GFI management owns an additional 12%.
