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ICG Business Review |
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Sema bid goes ahead Schlumberger Oilfield Services’ $5.2 billion bid for Anglo-French IT consultancy Sema moved ahead last month to background rumblings from the analyst community. Financial analyst UBS Warburg said it found the match odd, while UK market researcher Ovum detected “no obvious rationale” for the acquisition. But no rival bid has materialised – EDS, Cap Gemini Ernst & Young and Logica were all regarded as potential suitors in February. Schlumberger has offered 560p a share – any rival would have to top 600p to interest Sema’s shareholders. According to the terms of Schlumberger’s offer, Sema would continue to trade under its own name and the company would remain intact. Sema has described the offer as ‘fair’, saying it represented a good deal for staff and shareholders. The company became a take-over target last year when its acquisition of US software supplier LHS turned sour. That was followed in November by two profit warnings. |
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International Consultants' Guide March
2001 |
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E-Business