Satyam to have a new owner on April 13th

By siliconindia   |   Monday, 06 April 2009, 18:19 IST   |    3 Comments
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Hyderabad: As the final turn of event in the Satyam fiasco, the company will be finalizing the owner on April 13th. "The submission of bids will happen on April 13. The bids will be opened that day itself and we might be able to announce the winning bid as well," said Kiran Karnik, Chairman, Satyam Board. The deadline for submitting the bids for the acquisition of Satyam has been extended from April 9th to April 13th. Earlier it was assumed that the winner would be announced by April 30th, but taking account of the general elections, the board has hastened the process to end before April 16th. The board met informally in Mumbai to take stock of the ongoing process and assess the technical competence of suitors. The meeting also revealed that Cognizant is back in the race to acquire Satyam. "We believe Cognizant could have the best shot of the tier-I offshore pure-plays on benefiting, if it emphasizes its U.S. domicile," said a report of Stiffel Nicolaus. The board confirmed that it will provide the bidders with all the additional information in the next couple of days. The information will be available at a portal, which is designed for this process and will be accessible only to the bidders. The additional information asked for by the bidders pertains to the company's financials, client base and employee details. The board has already provided information on the revenue, order-book position, current assets, liabilities and fixed assets of Satyam for its valuation.

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