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Our Bureau

New Delhi/Bangalore, Sept 29 With the 60-hour deadline having lapsed since HCL’s 650 pence a share offer for Axon Group, and Bangalore based Infosys Technologies still holding cards close to its chest on a counter bid, the UK consulting firm now appears to be free to ‘amend’ its recommendation of the Infosys offer, to its shareholders.

There was no communication from either Infosys or Axon at the time of going to the press. Sources said that although the 60-hour period stipulated in the agreement between Axon and Infosys had ended, Infosys still has the option to come out with a counter bid over the next few days. “Axon now has two competing bids on the table from two good quality suitors and Axon currently represents an asset that has ‘business changing’ implications for the final acquirer. The ball is now in Infosys’ court,” an industry source said.

It may be recalled that Axon had earlier entered into an implementation agreement with Infosys pursuant to its August 25 offer as part of which the UK firm undertook that in the event of a competing proposal from a third party, the Axon board would not vary or amend its recommendation of the Infosys offer for a period of 60 hours. “After the 60-hour period has lapsed, the board will meet to consider all proposals that it has received and will seek to maximise value for Axon shareholders,” it had said.

When contacted, Mr V. Balakrishnan, Infosys CFO, said there would be no further comments from the company at this point. On Friday – the day HCL made its £441 million offer for Axon – Infosys said it had taken “note” of the announcement and had pointed out, “Infosys is considering its position and urges Axon shareholders to take no action at this time.”

More Stories on : Software | Mergers & Acquisitions | Infosys Technologies Ltd | HCL Technologies Ltd

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