Shares in the struggling French IT firm Atos tumbled on Monday as the company weighs between two rescue deals both set to lead to “massive dilution” of existing shareholders.

Atos was down 16.07% at 10:21 a.m. London time.

The two restructuring deals on the table are led by Czech billionaire Daniel Kretinsky and key Atos shareholder David Layani. The company will make its choice by Wednesday.

“The implementation of the proposals will result in all cases in a massive dilution of the existing shareholders of Atos SE,” Atos said in a statement on Monday.

The company said it was working with financial creditors to secure maximum support for one of the deals by June 5, aiming to reach final agreement on restructuring in July.

Kretinsky previously carried out discussions with Atos about buying parts of its business, which collapsed. Layani’s IT consulting firm Onepoint held over 11% of Atos’ share capital and voting rights as of December 2023, according to their website.

The deals come after a string of failed talks about whole or partial acquisition of the Atos business. Airbus also held such discussions.

In April, Atos said it had received a letter of intent from the French government to potentially acquire parts of its business. At the time, the firm said a non-binding offer could be made in early June. On Monday, Atos noted that due diligence on the deal was still ongoing.

Atos holds several sensitive contracts with French authorities and the country’s military. It is also managing data and cybersecurity for the Paris 2024 Olympic games.