Wednesday, January 21, 2009

Satyam gets buyout offers

Troubled software exporter Satyam on Tuesday said it has been approached for takeover by domestic and foreign companies, the IT
company's board member Tarun Das said.

The board will meet for two days starting January 22 in Hyderabad and would discuss issues such as search for CEO and CFO, legal matters and immediate cash requirements to run the company, he told reporters.

The board would also discuss whether it needs to ask the government to stand as a guarantor for raising loans.

Das said the company has been approached for buyouts by both international and Indian IT firms. There have been unconfirmed reports that the company might soon appoint investment bankers to advise on a merger or sale.

Earlier, another board member Deepak Parekh had said that option of merger was always open for the company.

The board meeting would deliberate on class action lawsuits filed against the company in the US.

The six-member board, appointed by the government to run the firm after a shocking Rs 7,800 crore fraud disclosure by founder Ramalinga Raju on January 7, last met on January 17.

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