Gemalto turns down Atos proposal
In a statement issued Wednesday evening, Gemalto said that it is best positioned to grow successfully on a standalone basis and create long term value for its stakeholders, including its shareholders. The company also said that the Atos proposal does not form the basis for constructive engagement as it: fails to provide a compelling strategy versus Gemalto’s standalone prospects; significantly undervalues the Company; fails to adequately address the interests of its various stakeholders, and; does not offer sufficient deal certainty.
Philippe Vallée, Gemalto CEO commented: “We have taken the measure of the recent changes in our historical markets, taken the responsible decisions and are now focused on leveraging the many opportunities of our fast-growing markets. We will soon be presenting to our stakeholders our ambitious and substantial development plan for the company that will focus on the next generation of digital security for companies, governments and citizens worldwide.”
The Board of Directors also noted that Atos’ proposal was not reflective of a friendly and collaborative approach as it was not preceded by customary exploratory discussions, the announcement of the proposal was done unilaterally and Atos indicated its intention to file an offer memorandum with the AFM (the Netherlands’ Authority for Financial Markets) irrespective of whether it has reached agreement with Gemalto. The Board of Directors was concerned that this could exemplify cultural differences between the two companies.