NFC TIMES Exclusive Insight – Less than a week after Gemalto’s board unanimously rejected an acquisition offer from France-based IT and consulting group Atos, complaining that Atos’ bid at €46 (US$54.18) per share “significantly undervalued the company” and that Gemalto is “best positioned to grow successfully on a standalone basis,” the board has publicly changed course and has unanimously approved a takeover offer from France-based Thales that is only 11% higher.
Thales, an aerospace, defense and transportation group with just under €15 billion in sales last year, announced the all-cash offer Sunday of €51 (US$60) per share to acquire struggling France-based smart card and digital security company Gemalto. That is a 57% premium over Gemalto’s sagging share price, which values the company as €4.8 billion (US$5.6 billion), not counting Gemalto’s debt.