Satyam says talks of suitors for buyout ‘baseless’

Satyam says talks of suitors for buyout ‘baseless’
PTI
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First Published: Tue, Jan 06 2009. 04 00 PM IST
Updated: Tue, Jan 06 2009. 04 00 PM IST
New Delhi: Amid talks of possible suitors lining up for beleaguered Satyam Computers ahead of its board meeting on 10 January, the Hyderabad-based company on Tuesday said there is no truth in these reports.
“There is no truth to the reports that have appeared in the media,” a Satyam spokesperson said.
Media reports said that three IT companies, HCL Tech, Tech Mahindra and Cognizant, are in the fray for Satyam.
While a HCL spokesperson said the company does not comment on speculation, Tech Mahindra officials termed the reports as baseless and a Cognizant spokesperson said it too does not comment on speculation.
As for HCL, analysts feel the company is busy on the Axon acquisition completion and it does not have much cash on books and it has a $500 million debt taken for Axon.
Satyam has been at the centre of intense takeover speculation ever since it aborted a deal to acquire two infrastructure companies promoted by the family of its chairman Ramaling Raju in December 2008,which led to investor dissent.
The company later said its promoters have pledged all their shares with institutional lenders, who may now be selling the shares in the market.
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First Published: Tue, Jan 06 2009. 04 00 PM IST