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Bloomberg: CSC exploring leveraged buyout

Sep. 29, 2014 3:58 PM ETDXC Technology Company (DXC) StockDXCBy: Eric Jhonsa, SA News Editor
  • Bloomberg reports Computer Sciences (CSC +5.9%) has contacted Blackstone, Bain, and other P-E firms about an LBO. Shares have spiked higher.
  • Talks are said to be at an early stage, with CEO Mike Lawrie reportedly trying to convince would-be suitors CSC's turnaround is half-finished. One source says P-E firms like the IT services firm's multiples, but have concerns about its cash flow and slower-growing units.
  • With a current market cap of $8.7B, CSC would be a big fish to swallow. But the company's low valuation (shares go for 0.7x FY14 sales) and fairly predictable revenue streams could boost P-E interest.

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