Fujitsu's British unit fails in bid for GFI Informatique

Fujitsu Ltd. said Wednesday its British unit's tender offer to acquire a stake of at least 66.67 percent in GFI Informatique SA, a French information technology service firm, has failed.

Major electronics company Fujitsu said 21.99 million shares, or 40.6 percent of those outstanding, were put up for sale in the buyout bid by Fujitsu Services Ltd., Fujitsu's wholly owned subsidiary based in London.

Fujitsu Services will not buy the shares because the amount fell below its target.

Fujitsu announced in May that it planned to offer 419 million euro (¥66.5 billion), or 8.50 euro per share, to purchase GFI's common stock and equity warrants.

The buyout bid ran from July 2 through Aug. 8.

While Fujitsu Services had hoped to expand its information technology services in Europe, negotiations bogged down after GFI perceived the British unit's move as a hostile takeover bid.

Fujitsu Services Chief Executive David Courtley, however, reaffirmed the company is still looking to boost opportunities in the European region.