IBM joins for Satyam Bidding process

Wednesday, March 25, 2009

Satyam bidding process has seen some strong contenders , they got around 8 companies ready for bidding and Even IBM got included in that list. Well there are some giants like L&T, APAX , Tech Mahindra , Spice Groups .

The shortlisted bidders will do their due diligence of Satyam over the next two days, it said, quoting a person familiar with the development.

Well as every one knows that satyam has not yet reveiled complete details about satyam may be in financial sector or any other things. They have published some rules and regulations for bidding process,but now Spice group are thinking about getting out of the race due to lack of transperancy in bidding process.

Satyam said on Tuesday it hoped to finalize a by April 30, and that potential bidders, who had submitted a detailed expression of interest by March 20, should expect to receive a response by Wednesday.

Satyam really needs a buyer who can gain the ocnfidence of its more than 600 clients and about 50,000-strong staff, but there are concerns about the extent of the fraud, whether it is losing customers and its legal liabilities.

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