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Axon pitches for HCL offer, Infosys mulls options
Monday, 06 October 2008, 16:26 IST
Chennai: The board of the UK-headquartered consulting firm Axon Group has now pitched for the 441 million pound (650 pence per share) bid of HCL , instead of the 407 million pound (600 pence per share) bid made earlier by Infosys .
The British company has decided to withdraw its earlier recommendation made in favour of Infosys Technologies bid and stated: "The HCL offer values Axon's existing issued and to-be-issued (fully diluted) share capital at approximately 441 million pounds."
"The value of the HCL offer is at a premium of 8.3 percent to the value of the Infosys Offer," it added.
When contacted, Infosys CFO V. Balakrishnan told IANS: "We are evaluating our options. There is nothing that precludes us from making a counter offer."
As per the Axon's agreement with Infosys, the former will not vary or amend its recommendation for a period of 60 hours from the time the Infosys was notified.
Axon's decision to accept HCL's offer comes after the completion of the 60-hour waiting period.
Source: IANS
Source: IANS
