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News Desk Satyam Seeks to Wring Maximum Price from Its Sale
It was supposed to be a sealed bid auction, winner take all
By: Maureen O'Gara
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.
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.
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