According to sources close to Satyam, the board is of the opinion that L&T (with 12.04% stake) is among the front runners among the bidders, while IBM along with KKR can turn out to be the dark horse who can come from behind and close the deal. The Satyam board is meeting today in Hyderabad to evaluate the bidders for acquiring up to 51% stake in the crisis-ridden IT Company. As was reported earlier the government-appointed board has received several bids for stake acquisition including ones from Larsen & Toubro, Spice Group, Hinduja Group and iGate. “We will be meeting in Hyderabad tomorrow (Friday),” Satyam’s chairman and former Nasscom chief Kiran Karnik said without elaborating any further. The winning bidder can acquire up to 31% stake in the company. Upon successful completion of the process, the partner can purchase additional 20% through an open offer. Market regulator Sebi had recently amended the takeover rules for companies having government-appointed boards, facilitating Satyam’s stake sale. The new board, consisting of a panel of experts like HDFC chairman Deepak Parekh and former Sebi member C Achuthan, had invited proposals from interested parties last week.
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