French technology company Atos rejected bids for its Avidian arm worth an estimated $4.1 billion.

PARIS, Sept 29 (Reuters) – Shares in French technology consultancy Atos ( ATOS.PA ) fell on doubts over its restructuring plan, with a ‘one point’ from rival and UK private equity fund ICG saying it had rejected an expression of interest in Atos. “Evidian class.

Atos said the company had sent ‘One Point’ and ICG an unsolicited letter of intent related to its potential acquisition of Atos’ Ividian business for an indicative enterprise value of 4.2 billion euros ($4.1 billion).

“Through a thorough examination of this initial and non-binding signal of interest, the Board of Directors unanimously decided that it was not in the best interest of the company and its stakeholders,” Athos said.

“Therefore, the board of directors has decided not to proceed,” Athos said.

Former CEO Rodolphe Bellmer announced in June that the group had proposed a split into two groups, consolidating and combining its most profitable assets, including cybersecurity division BDS.

The company has since secured financing for a transformation plan, but many investors continue to unload shares.

Atos shares closed up 10.6% on September 29, but 2018 saw a 10.6% drop in the stock market. By 2022, the stock is down around 77 percent.

($1 = 1.0219 EUR)

Reported by Matthieu Protard; Editing by Marc Angrand/Jean-Stephane Brosse/Sudeep Kar-Gupta

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