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CSF rejects CA bid

Computer Sciences Corporation (CSC) has "unanimously rejected" a $9.7bn takeover bid by Computer Associates (CA), following a board meeting yesterday.

CSC chairman Van Honeycutt sent a letter to CA chief executive Charles Wang calling the bid, "hostile" and referring to it as "ill considered and unwelcome." He added that combining the two companies did not make sense and would be "irresponsibly leveraged."

CA said it will continue with the bid despite CSC's objections.