Satyam likely to ask for full bid amount in advance
The Satyam board, which is scheduled to meet on Monday to decide on the technical and financial bids for a 51% strategic stake in the beleaguered IT firm, is likely to ask the successful bidder to deposit in advance the money in an escrow account. According to government sources, even if a successful bidder emerges on Monday, the board would not announce its name. The board will, however, ask the successful bidder to deposit the bid amount for a 31% stake as well as the amount for the remaining 20% to be acquired later through an open offer.
Sources said before announcing the name, the board would intimate the government as the board is a government-appointed one and a final decision regarding the buyer needs to be taken in consultation with the government.
As the bidding process is on, the Satyam board and the top management, in an effort to assure major clients about the continuity in management and that their interests would be protected, held conference calls with key clients over the weekend.
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To read the ePaper, visit: http://epaper.financialexpress.com
Sources said before announcing the name, the board would intimate the government as the board is a government-appointed one and a final decision regarding the buyer needs to be taken in consultation with the government.
As the bidding process is on, the Satyam board and the top management, in an effort to assure major clients about the continuity in management and that their interests would be protected, held conference calls with key clients over the weekend.
To read the full article, click here..
To read the ePaper, visit: http://epaper.financialexpress.com
Labels: bidding process, board members of satyam, deposit bid amount, IT firm, mobile solutions company, Satyam, Satyam board, satyam clients, successful bidder, technical and financial bids
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