- DXC Technology Co (NYSE:DXC) worked with advisers after receiving takeover interest.
- At least one private equity firm approached the IT service provider, Bloomberg reported.
- DXC clocked a 10.5% revenue decline to $3.71 billion in Q1 FY23, missing the consensus of $3.73 billion. Non-GAAP EPS of $0.75 missed the consensus of $0.82.
- Earlier, DXC refused a takeover offer from French technology services provider Atos Origin SA (OTC:AEXAF).
- Technology dealmaking has held steady this year amid the broader slump in mergers and acquisitions. Private equity firms love the sector and exploit the market dip to go shopping.
- Recently, KnowBe4, Inc (NASDAQ:KNBE) confirmed a non-binding proposal from Vista Equity Partners to acquire all outstanding company shares at a 39% premium.
- Price Action: DXC shares closed higher by 1.77% at $27.53 on Wednesday.
Vroom And 3 Other Stocks Under $1 Insiders Are Aggressively Buying
The Dow Jones closed slightly lower on Thursday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
