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Satyam bid winner may be named on April 13

The board is expected to complete the process and announce the name of the successful bidder the same day in Mumbai.

The Satyam board has extended the deadline to submit technical and financial bids to April 13 from April 9 with the bidders seeking more information on the company, according to board member and HDFC chairman Deepak Parekh. The government-appointed board is expected to complete the process and announce the name of the successful bidder on the same day, according to reports.

Reports also state that the Satyam board would rank the bidders, whose technical bids are found to be satisfactory, based on their price tags. If there is no other bid which is at least 90% of the highest bidder, the highest bidder would be declared winner. The top bidder will be given two-four days time to deposit the money for 31% stake, and an open offer would follow thereafter.

Separately, reports say that L&T, Tech Mahindra, Wilbur Ross and Cognizant have reached the final stage in the race to buy Satyam. Private equity firm, Apax Partners, which had expressed interest in Satyam, has pulled out of the race, according to a business daily.

L&T, Tech Mahindra, Wilbur Ross and Cognizant have signed non-disclosure agreements, a pre-requisite for due diligence, on the assets and liabilities of Satyam, the financial newspaper says. B.K. Modi-promoted Spice Group, which is keen on acquiring the troubled IT firm, has not signed the non-disclosure pact citing lack of transparency in the bidding process, it adds.

Source: IndiaInfoline