As previously announced, on January 6, 2021, DXC Technology (DXC) - Get Report ("DXC") received an unsolicited, preliminary and non-binding proposal from Atos SE. Prior to receiving the proposal, DXC had no knowledge of any interest from Atos.
Consistent with its fiduciary duties, the DXC Board of Directors carefully evaluated the proposal, together with its financial and legal advisors. The offer was determined to be inadequate and lacking certainty in light of the value the Board believes DXC can create on a standalone basis by executing our transformation journey.
After sharing certain high-level information in order to help Atos understand why the Board believes the proposal undervalued DXC, Atos and DXC today agreed to discontinue further discussions.
DXC remains confident in its transformation journey focused on delivering for our people, customers, and shareholders. In our third quarter, we exceeded our guidance on revenues, adjusted EBIT margin, and non-GAAP diluted EPS, as well as achieved a book-to-bill of greater than 1.0x. We look forward to sharing the details of our third quarter results on Thursday, February 4, 2021.
About DXC Technology
DXC Technology (DXC) - Get Report helps global companies run their mission critical systems and operations while modernizing IT, optimizing data architectures, and ensuring security and scalability across public, private and hybrid clouds. With decades of driving innovation, the world's largest companies trust DXC to provide services across the Enterprise Technology Stack to deliver new levels of performance, competitiveness and customer experiences. Learn more about the DXC story and our focus on people, customers and operational execution at www.dxc.technology.
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements." These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. For a written description of these factors, see the section titled "Risk Factors" in DXC's Annual Report on Form 10-K for the fiscal year ended March 31, 2020, and any updating information in subsequent SEC filings including DXC's Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2020, September 30, 2020, and December 31, 2020, once available. No assurance can be given that any goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events except as required by law.
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