Satyam short-lists six bidders
By siliconindia   |   Tuesday, 24 March 2009, 18:40 IST   |    3 Comments
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New Delhi: After the conclusion of the much hyped bid for Satyam Computer Services, the company has short-listed its six bidders in the second round of bidding process. The six bidders include BK Modi's Spice, Larsen & Toubro and Tech Mahindra. iGate, which had participated in the first round of bidding, backed out from completing the second round. Earlier, the Hinduja group had opted out. Incidentally, global majors like IBM are understood to have entered the second round, but this could not be independently confirmed. Other names floating include that of Hewlett-Packard and KKR Private Equity Investors. As per the bidding process schedule, short-listed bidders will be given access to business, financial and legal diligence materials provided they execute a non-disclosure and non-solicitation agreement, a stand-still pact and a 'no-claims' undertaking. Modi led Spice has confirmed of its short-listing while announcing the appointment of U.S.-based Joe Liemandt as a director. However, the company which was bullish on a deal with Satyam is speculating over its future participation. "Spice wants the Satyam board to disclose the names of those who have been short-listed. The group feels it is unfair to keep the names under wraps even after short-listing them," an anonymous source told The Economic Times.

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