Computer giant Compaq has been left shell shocked after being outbid by London-listed Dimension Data in the race to buy US internet consultancy company Proxicom.
By Ron Coates
Published: 8 May 2001 14:31 GMT
At a time when Compaq was sure its $5.75 per share offer, and subsequent valuation of $266m, was enough to seal the deal, South Africa-based Dimension Data bid $7.50 per share, at a valuation of $376m.
Compaq now has three days to respond to the offer, but late yesterday, Compaq was sticking to its guns.
US observers say the Proxicom board will take 'a few days' to decide on the offer. Key to their decision is likely to be how the consultancy staff view the company being run from South Africa and their willingness to travel there frequently.
Dimension Data is in the FTSE100, with a turnover last year of almost $2bn. Compaq last month announced a turnover of $9.2bn for the first quarter.
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