HCL Technologies has begun the process of acquiring UK-based SAP player Axon. HCL Tech has purchased 6.71 million shares from the open market, representing 10.43 per cent of Axon's total paid-up capital, said the Indian IT firm in a release to the BSE.
On October 10, with the consent of the UK's Takeover Panel and Axon, HCL decided to implement the offer by way of a 'scheme of arrangement.' When contacted, a senior official of HCL Technologies said that this was a routine development.
On October 8, 2008, HCL EAS, the indirect wholly-owned subsidiary of HCL Technologies, acquired 3,01,623 Axon shares which represent approximately 0.47 per cent of the current issued share capital of Axon.
DSP Merrill Lynch is acting as the financial advisor for HCL EAS and HCL Technologies.
On September 26, 2008, the board of HCL Technologies announced the terms of a cash offer to acquire the entire issued and to be issued share capital of Axon at a price of 650 pence per Axon share.
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