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Two top Indian outsourcing giant, Infosys and HCL both are bidding for London headquartered SAP consulting firm Axon.
HCL has offered 650 pence counter to Axon which turns to be $811 million and is expected to formally discuss the development. On the other hand, Infosys has made 600 pence offer to buy Axon for $753 million and is expected to disclose its plan in coming days.
The reliable sources said that Infosys can try to match the HCL bid by raising its offer to 710-720 pence. Also, it is contemplated that Axon can look for a revised bid from HCL, or any other player, only if it comes at 750-755 pence or more.
The market reports indicate that HCL and Infosys can opt for a bidding war. The bidding war can escalate the offer price for Axon.
Getting in details, the Axon bid means a lot for both the companies. The slump in global financial markets has affected Indian IT companies, which derive more than a third of their revenues from this space.
Axon has revenues worth 204 million pounds which really means a lot for both Infosys and HCL Tech. The deal can further heat up with two contenders fighting hard for the deal. Renu Singh/ITVoir Network |
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