Deepak Parekh, a member of the board, added that some bidders had asked for additional information which the board will provide. “The bidders will get all the information in the next couple of days. We will put all that on a portal that has been created for this process and is accessible only to the bidders,” added Parekh.
The additional information asked for by the bidders pertains to the company’s financials, client base and employee details etc, said Parekh. The board has already provided information on the revenue, order-book position, current assets and liabilities and fixed assets of Satyam for its valuation.
Meanwhile, the Satyam board met informally in Mumbai yesterday to take stock of the ongoing process and assess the technical competence of suitors for the information technology firm. It is also understood that Cognizant Technology Solutions is back in the race to acquire Satyam.
The meeting was also attended by investment bankers Avendus and Goldman Sachs as well as officials from Larsen & Toubro and Tech Mahindra, both known to be interested in acquiring Satyam. Incidentally, Wilbur L Ross and Cognizant are also understood to have been present at the board meeting.
The board is learnt to have shortlisted around eight bidders. These include the $7 billion engineering behemoth L&T, IT major IBM (through a lawyer firm), and Tech Mahindra. BK Modi-owned Spice Group had demanded, among other things, an ‘open auction’ for Satyam. When pulling out of the race, it had said it would reverse its decision only if the board reconsidered its position on the matter.
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