Satyam to share financial details of 2-4 months with bidders

Satyam to share financial details of 2-4 months with bidders
PTI
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First Published: Thu, Mar 26 2009. 08 40 PM IST
Updated: Thu, Mar 26 2009. 08 40 PM IST
Mumbai: Satyam will share the financial details of the past 2-4 months with the interested buyers on completion of preliminary due diligence of expression of interests by suitors which include Spice Group, L&T, Tech Mahindra, among others.
Once the due diligence is completed, Satyam is likely to share 2-4 months of asset and liability data with the suitors along with other details on employees and clients, a top source close to the development told PTI.
The selection of an acquirer will pose no problem and can be completed very quickly “even within a day”, after the bids are received and evaluated, the source said.
The board, which is understood to have received at least 7-8 EoIs, is presently going through their presentations, which would then be followed by the due diligence process.
“The board has so far received EoIs from interested parties -no bids have been received. They (companies) are giving presentations. This will be followed by the due diligence process. Only after this will bids be invited,” the source said
The Board is in close communication with the government and stock exchanges, including the US Securities Exchange Commission (given that Satyam’s ADRs are listed in the US) at every stage, the source said.
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First Published: Thu, Mar 26 2009. 08 40 PM IST