Update on Satyam
3/5/2009 1:19 AM ET
Investment bankers and lawyers from U.S. and Europe are assessing the size of the deal and the risks associated with it. IBM is believed to have conducted an initial due diligence on some of Satyam's major customers. Last week, India's Minister of Corporate Affairs P.C.Gupta, said that the bids are not restricted to Indian players.
The other suitors in the race include Larsen & Toubro, which owns 12% in Satyam and BK Modi owned Spice Group. The new Satyam Board is likely to invite bids for 31% stake in the company with an assurance of 51% stake even if the bidder fails to get the additional mandatory 20% stake from open offer. However, an IBM spokesperson denied to comment on rumours and speculation.
by RTT Staff Writer