"Do they think that if they add the two companies together then European margins will double? In fact Europe (including the UK) would comprise almost 60 percent of the combined business - you can do the margin calculations for yourselves."

He added: "Folks, if this deal does go ahead, then 'acquisition indigestion' won't even begin to describe the pain."

Telegraph business columnist Damian Reece also gave a scathing report on the acquisition, where he attributed Logica's decision to sell to its current CEO Andy Green, who has struggled to deliver growth since being appointed in October 2007 and will have been feeling pressure from investors.

In fact, on the day of Green's appointment Logica's share price closed at 164p, which has since declined by 36 percent. This is in contract to the FTSE SCS Index, which has actually increased by 36 percent over the same period.