Rediff India Abroad
 Rediff India Abroad Home  |  All the sections


The Web

India Abroad

Sign up today!

Get news updates:

Home > India > Business > PTI > Report

   Discuss   |      Email   |      Print   |   Get latest news on your desktop

Talks of suitors for buyout 'baseless': Satyam

January 06, 2009 17:42 IST

Amid talks of possible suitors lining up for beleaguered Satyam [Get Quote] Computers ahead of its board meeting on January 10, the Hyderabad-based company said on Tuesday there is no truth in these reports.

"There is no truth to the reports that have appeared in the media," a Satyam spokesperson said.

Media reports said that three IT companies, HCL [Get Quote] Tech, Tech Mahindra [Get Quote] and Cognizant, are in the fray for Satyam.

While a HCL spokesperson said the company does not comment on speculation, Tech Mahindra officials termed the reports as baseless.

A Cognizant spokesperson said it too does not comment on speculation.

As for HCL, analysts feel the company is busy on the Axon acquisition completion and it does not have much cash on books and it has a $500 million debt taken for Axon.

Nasdaq-listed Cognizant had earlier acquired 'marketRx' for $135 million -- a deal that had given it access to 75 customers, including all the top 20 pharma companies in the US and four of the top five biotechnology firms.

Satyam has been at the centre of intense takeover speculation ever since it aborted a deal to acquire two infrastructure companies promoted by the family of its chairman Ramaling Raju last month, which led to investor dissent.

The company later said its promoters have pledged all their shares with institutional lenders, who may now be selling the shares in the market.

  • Satyam investors urge merger
  • 2 more Satyam directors quit, more may follow
  • Satyam: Raju turns to employees for support
  • Corporate governance? What a joke!
  • World Bank bars Satyam for 8 years
  • Sebi finds no violation by Satyam
  • A new low for India Inc
  • Just what went wrong?
  • How Satyam case has dented India Inc's image
  • Satyam calls off $1.6-bn Maytas deal
  • Satyam under fire for $1.6 bn Maytas deal

  • © Copyright 2008 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

       Email   |      Print   |   Get latest news on your desktop