ActivCard rejects bid

By THIS IS MONEY
Updated:

 

ACTIVCARD is believed to have rejected an astonishing £1.08 billion takeover approach from Schlumberger, the US technology giant. ActivCard, which is quoted on the Easdaq stock market and whose smartcard technology allows users to access their banking details securely over the internet, is understood to have said that the company is not for sale even at that price.

Schlumberger, the world leader in the sector, is said to have informally offered ActivCard, chaired by Jean-Gerard Galvez, a remarkable 3,750p a share. Galvez has generated enormous support from investors, many of them British, after turning the Franco-American group into one of the hottest stocks on Brussels' Easdaq market for high-tech companies.

The shares, which were as cheap as 100p in January, have doubled in value during the past three weeks after announcements of a string of deals and alliances. They closed on Friday at 791p.

Speaking from California, Galvez said on Friday: 'We have had talks concerning a closer relationship and a possible strategic investment, but a takeover has not been discussed.'

Last week, ActivCard announced a link-up with Microsoft that would see its software incorporated into the Windows 2000 operating system, adding that further integration was planned between the two companies.

It has also recently announced deals with Sun Microsystems, with Visa - which has signed up for ActivCard's hand-held smartcard reader - with CyberComm, the consortium of French banks and banking card associations, and with Barclays bank which will use ActivCard's smartcard technology.

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