Ending the three-month ordeal of about 50,000 employees, Tech Mahindra on Monday emerged as a top bidder with an offer of Rs 58 a share for a 31 per cent stake in beleaguered Satyam Computer, beating a strong rival L&T.
Tech Mahindra would acquire the stake in an all-cash deal, followed by an open offer for a 20 per cent stake to take management control of the company.
No immediate comment could be obtained from either Tech Mahindra or L&T.
After evaluating the bids, the government-appointed board of Satyam Computer on Monday announced that "its Board of Directors has selected Venturbay Consultants Private Limited, a subsidiary controlled by Tech Mahindra Limited as the highest bidder to acquire a controlling stake in the Company, subject to the approval of the Hon'ble Company Law Board."
The Company was administered by a new Board appointed pursuant to the orders of the CLB dated 9th January 2009.
The process to select a strategic investor has reached this significant stage within three months of the new Board s first meeting.
"On behalf of all Satyamites and their families, we congratulate Tech Mahindra on being the highest bidder. The selection of the highest bidder, in a fair, open and transparent process, signals a new stage for the Company in its progress towards stabilization and growth," Satyam said in an announcement.
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