IBM, Accenture Possible Satyam Suitors as Board Erupts
Shares of Satyam (SAY), the Indian outsourcing firm that has been rocked by scandal after a botched acquisition and reports that it was banned from business with The World Bank, are jumping this morning amid speculation of a management shakeup. Indian daily paper The Economic Times this morning reports that “a clutch of global IT services firms” are potential bidders to acquire Satyam, citing unnamed analysts. The article notes that “chances of a strategic takeover have brightened after the company announced the possible dilution of stake by founder and promoter B Ramalinga Raju on Saturday.” The story lists IBM (IBM), Accenture (ACN), and France’s Cap Gemini among the possible suitors, and mentions U.S. private equity firm General Atlantic Partners and U.S. outsourcing firm Cognizant Technology Solutions (CTSH).
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