Sema's share price rose by as much as 25 per cent today after confirming that it had been approached by several organisations about taking it over.
The announcement saw the Anglo-French services company's stock price hit a high of 504 pence, after closing at 395 pence on Friday. As vnunet.com went to press, the shares had fallen back down to 443 pence.
But some analysts believe that now its shares are no longer overvalued, the supplier is more likely to be split off into parts rather than sold as a complete entity.
Antony Miller, analyst at Ovum Holway, said: "Only the very largest US players such as IBM, CSC and EDS could absorb Sema whole, and none have been mentioned as possible suitors."
"Sema has two main components, telecomms and outsourcing, one of which might appeal to Logica or Cap Gemini," Miller said. "Any possible takeover is more likely to be because it is a great break-up opportunity rather than an appreciation of Sema overall."
Reports on Monday, however, put oil services and smartcard firm Schlumberger as top of the list of possible purchasers. Banking industry sources at Reuters claimed that Schlumberger was looking for a loan of around $3bn to fund a future bid.
At first glance, it would appear that Schlumberger's interest in Sema is only speculative. But some analysts believe that Sema's growing wireless technology division fits well with Schlumberger's smartcard and semiconductor business, and oil exploration may have become technology-intensive enough for Sema's services skills to be attractive.
Other industry watchers believe the bid unlikely, and cite UK firm Logica or Cap Gemini as more likely predators for the services supplier. Sema has seen its shares crash by over half their previous value following two profits warnings in recent months.
Geoengineering on the sea floor near glaciers would form a new ice shelf to prevent melting
Alterations in capillary blood flow can be caused by body position change
Curiosity rover is in 'normal mode' but not transmitting scientific data back to base
NatWest outage comes a day after Barclays' IT systems shut out customers and staff