rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » Satyam board to announce winning bid on April 13

Satyam board to announce winning bid on April 13

April 04, 2009 15:33 IST

The board of tainted IT firm Satyam Computer Services will announce the winning bid on April 13. The technicalities will be evaluated by April 9, and the final winner will be announced on April 13, said Deepak Parekh, member of the board.

The board had earlier said that the bidder will be announced on April 9. "The bidders did ask for some additional information, which the board will provide uniformly to all. They will get all the information today. Besides the bidders will also get some extra time," added Parekh.

The interested bidders have been provided information on the revenue, order book position, current assets and liabilities and fixed assets of Satyam for its valuation.

Meanwhile, the Satyam board had met informally, yesterday in Mumbai to take stock of the ongoing process and assess the technical competence of suitors for the scandal-hit IT firm. It is also understood that Cognizant Technology Solutions is back in the race to acquire Satyam.

The meeting was also attended by investment bankers Avendus and Goldman Sachs as well officials from Larsen & Toubro and Tech Mahindra (bidders in the fray). Incidentally, Wilbur L Ross along with Cognizant are also understood to have been present at board meeting.

The board is understood to have shortlisted around eight bidders. These include the $7 billion engineering behemoth L&T, IT major IBM (through a lawyer firm), and Tech Mahindra. Incidentally, the B K Modi-owned Spice Group had demanded, among other things, an 'open auction' process for Satyam. When pulling out of the race, it had said it would reconsider its decision only if the Satyam board reconsiders its decision.

BS Reporter in Mumbai
Source: