HCL Technologies makes counter-bid for Axon

September 26th, 2008 - 10:58 pm ICT by IANS  

New Delhi, Sep 26 (IANS) Software services provider company HCL Technologies Ltd has launched a counter bid to acquire British company Axon Group Plc following an offer of another Indian software services major, Infosys.Axon Group Plc is valued at around 441.1 million pounds ($810.8 million). HCL has offered to pay 650 pence in cash for each Axon share.

HCL’s offer is at 8.3 percent premium to Infosys’ offer of 600 pence per Axon share, including interest dividend.

Infosys Technologies has valued Axon at around 407 million pounds.

The counter offer was made by HCL EAS Limited, indirect arm of HCL Technologies.

Vineet Nayar, chief executive officer of HCL Technologies, said: “We see Axon as an opportunity for HCL to become a significant player in the SAP services space.”

“I am excited about the high performance and employee-centric cultural synergy between HCL and Axon that would help accelerate the process of integration between the two teams,” Nayar added.

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