In something of a surprise pre-Christmas frenzy, two French firms triggered an apparent bidding war for Gemalto – a Dutch (on paper, mostly French) security specialist best known for its SIM cards, credit card, passport, security access cards, and NFC chips, which has been expanding into the IoT. Gemalto turned down a $5.06bn (€46 per share) offer from Atos, a technology and IT consulting firm, but then later accepted an all-cash $5.43bn (€51 per share) from aerospace and defense firm Thales, representing a 57% premium on its share price. Both Gemalto and Thales have strong overlapping portfolios and expertise in security, with Thales offering security systems and services for things like government facilities and airports, as well as a newer…