and a group of private-investment firms have ended their discussions to take over consulting and services firm
, according to reports published during the weekend.
Wall Street took the news hard. Shares of Computer Sciences were plunging in premarket trading, dropping $6.85, or 12.5%, to $48 -- below the level where the stock traded before reports of the possible bid emerged earlier this month.
Computer Sciences wanted talks to begin at $65 a share,
The Wall Street Journal
reported. That would have valued the company at about $12 billion. Warburg Pincus, Texas Pacific and Blackstone Group were involved in the talks with Lockheed, the reports indicated. The ending of the talks was also reported by
Earlier reports had indicated the buyout group might bid for the entire El Segundo, Calif., company and then break it up into parts.