News Desk
Satyam Seeks to Wring Maximum Price from Its Sale
It was supposed to be a sealed bid auction, winner take all
Apr. 3, 2009 05:00 PM
Satyam, the corrupt Indian outsourcer whose founder lied about its revenues for years, has changed the rules of the redemptive sale of a majority 51% stake in the company.
It was supposed to be a sealed bid auction, winner take all.
Now it says - evidently trying to wring every dime out of it - that if anyone comes within 90% of the highest bid, they'll have a runoff auction with the highest bid being the floor.
At least one company has dropped out, complaining that the due diligence materials Satyam supplied to those who were interested weren't very transparent. The books haven't been restated yet and Satyam's liabilities could be substantial.
Its market cap was $606 million when the market closed in New York Thursday, down from $7 billion last May.
It's still unclear whether IBM is involved. U.S. private equity house WL Ross may be interested.
Satyam is hoping to identify its new owner by next week. Its previous deadline was April 30.
About Maureen O'GaraMaureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025.
About Newsfeeds / Video Feeds
.gif)
Lately there has been a lot of buzz around HTML5 Web Sockets, which defines a full-duplex communication channel that operates through a single socket over the Web. HTML5 Web Sockets is not just another incremental enhancement to conventional HTTP communications; it represents a c...
JackBe enterprise mashup software company, on Thursday announced that its award-winning Presto Enterprise Mashup Platform is now running on Amazon Elastic Compute Cloud. ‘Presto Cloud (Community Edition)’ is immediately available at no cost to all members of JackBe’s Mashup Devel...
"We did not enter the search business. [Google] entered the phone business. Make no mistake they want to kill the iPhone. We won't let them... I want to go back to that other question first and say one more thing. This don't be evil mantra - It's bullshit." - Steve Jobs at an emp...
Did you know that PHP runs on Windows?? Run Drupal, WordPress, SugarCRM, or other PHP-based apps on Windows today with the free Microsoft Web Platform Installer. Microsoft WebsiteSpark is a specially designed program for PHP Web developers and designers to help you explore runnin...
