Satyam Agrees To Bid From Tech Mahindra; Shrs Slide - Eric Savitz (Barron's)

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Satyam Agrees To Bid From Tech Mahindra; Shrs Slide
Apr 13, 2009 02:02 PM UTC

Eric Savitz (Barron's)

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Symbol	Sentiment	Start	Return	Closed
SAY	n/a

Via BARRONS.com: Tech Trader Daily - Barron's Online:

Satyam Computer Services (SAY) this morning said the highest bidder for the company is Venturebay Consultants, a subsidiary of Tech Machindra.

Terms call for Tech Mahindra to acquire 31% of the company for $351 million via the issuance of new shares; the company will be required to offer $1.16 a share for at least 20% of the remaining shares. If after the offer Tech Mahindra has less than 51% of the shares, Tech Mahindra will have the option to buy enough additional newly issues shares to reach 51%.

Note that each American Depositary Share represents two ordinary shares.

SAY today is down 38 cents, or 14.3%, to $2.27.

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