Eight suitors in Satyam bidding ring

Mahindra Satyam Ltd. (Amalgamated) | IT - Software | IT & ITES | BSE: 500376 | NSE: SATYAMCOMP

13 Mar 2009 Evaluate

At least eight serious suitors have entered the bidding fray for the fraud-hit Satyam Computer Services, belying expectations that the companies interested in buying a scandal-ridden firm will be fewer in number. Among those who enlisted for the bidding process includes multinationals, private equity funds and a line-up of tier-II Indian IT firms and one top-ranked major.

Three Indian firms — Tech Mahindra, L&T and Spice Corp — went public with their participation in the bidding process that kicked off on Thursday. The Satyam board is expected to go through the list of enlisted players on Friday morning. While there were numerous frivolous registrations, there are 8-9 fairly serious bidders who have registered.

It is learnt that there are MNC suitors, who have entered the fray, through special purpose vehicle (SPV) structures in an apparent move to insulate themselves from future legal risks. The structure and exact nature of the SPVs are not clear at this stage.

The next stage in the bidding process is the submission of the expression of interest (EoI) along with proof of $300 million cash. This is supposed to happen by March 20. At this stage, the bidders will have access to a ‘broad set of numbers’, as they get ready to put in a price bid. Sources said the Satyam board was optimistic about wrapping up the process by mid-April ahead of the general elections, even though a majority of the industry experts remain skeptical.The US-based Hewlett-Packard and Computer Sciences Corporation (CSC) had also expressed their interest for the beleaguered firm, though ET could not verify it with the companies. Both the companies are believed to have shown interest and studied the issue, but have refrained from putting in a formal offer. Also the lack of clarity on Satyam’s financials and its legal liabilities has discouraged several participants. The Hinduja Group, which had expressed interest in Satyam, dropped out citing the unquantifiable legal liabilities of Satyam.

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Peers

Company Name	CMP
TCS	2435.35
Infosys	1167.30
HCL Tech.	1188.90
Wipro	199.10
Tech Mahindra	1466.85
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