RTTNews | Feb 1, 2021 08:11PM EST

20:10 Monday, February 1, 2021 (RTTNews.com) - French IT service and consulting company Atos has decided not to pursue a potential deal to buy U.S. rival DXC Technology Co. (DXC). They agreed to discontinue further discussions, the companies said.

DXC said Atos' offer was determined to be inadequate and lacking certainty" in light of the value that the DXC board believed DXC could create on a standalone basis.

On January 7, 2021, DXC Technology had confirmed that it received an unsolicited takeover proposal from Atos.

DXC said Monday it remains confident in its transformation journey focused on delivering for people, customers, and shareholders. In its third quarter, the company exceeded its guidance on revenues, adjusted EBIT margin, and non-GAAP earnings per share. It looks forward to sharing the details of its third quarter results on February 4, 2021.

DXC closed Monday regular trading at $25.50 down $2.70 or 9.57 percent. In the after-hours, the stock further dropped $0.49 or 1.92 percent.

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