What happened Shares of DXC Technology (NYSE: DXC) popped as much as 12% today after the company confirmed that it had received an unsolicited takeover offer from Atos, a French multinational IT consulting company. Reuters had reported on the deal this morning, and the companies have both confirmed the offer. As of 12:10 p.m. EST, DXC shares were up 7%. So what DXC said that it had received an "unsolicited, preliminary and non-binding proposal" from Atos last night to acquire all of DXC's outstanding shares. Prior to receiving the proposal, DXC's board had no idea that Atos was interested in an acquisition. Atos also confirmed its interest, suggesting that a friendly transaction could create a leader in digital services with global scale. Image source: Getty Images. No financial terms regarding the offer were disclosed, but the Reuters report suggested that the deal would be more than $10 billion when including debt. DXC's current market cap is $7 billion, and the tech company has been working to reduce its debt load. Now what The acquisition would be Atos' largest purchase to date if it goes through. Atos investors seem skeptical, sending shares down 13% on the Paris Stock Exchange. Buying DXC would allow Atos to expand significantly in the U.S. Atos has been quite acquisitive in recent years and reportedly believes that the purchase would generate meaningful cost savings and other synergies. Both companies warn that there is no certainty that a deal will be finalized. DXC's board will now evaluate the proposal. 10 stocks we like better than DXC Technology CompanyWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and DXC Technology Company wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source