Tech mahindra has won the final bid for Satyam . It's going to pay Rs.1757 crore at Rs.58 per share for 31% of stake in Satyam computers. Laresn & Toubro bid at Rs.49.50 per share.The eagerly awaited Satyam bidding process started in Mumbai today. The deadline for submission of the final bid for Satyam was 9 am, April 13, 2009. The bidders submitted two envelopes; one a technical bid and second a financial bid.
Only a bidder who cleared the technical bid qualifies for the financial bid. In case of a 10% differential between one or more bids and the highest bid, then an open auction would be triggered. L&T, Tech Mahindra, Cognizant and Wilbur Ross were believed to be in the fray for acquiring the company.
However, it has been learnt that Tech Mahindra will run Satyam as an independent company.
Earlier, all three bidders had qualified L&T, Tech Mahindra and Cognizant had qualified for the financial bidding stage after the technical bids were evaluated.
Corporate Affairs Minister Prem Chand Gupta is expected make the formal announcement later. Corporate India has not seen anything like this before. Over 600 clients and nearly 50,000 employees of Satyam were eagerly awaiting the outcome of the bidding, which may give a new direction to the company.
Spice Corp, IBM and iGate were among those confirmed names that dropped out of the race after showing an interest in the company. iGate decided to drop out of the race for Satyam after concerns on falling revenues and not enough clarity on customers and margins. Spice Corp claimed that the bidding process lacked transparency and pulled out of the race.
0 comments:
Post a Comment