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How Tech Mahindra won the Satyam bid

April 13, 2009

Wilbur Ross & Co, a private equity firm run by US billionaire investor Wilbur Ross, too had expressed interest in bidding for Satyam.

While there has been no official confirmation, the PE firm, which had invested $80 million in SpiceJet last year, is understood to be joining hands with Cognizant to bid for Satyam.

While the public offer will be made on a worldwide basis for the company's shares, holders of the company's American Depositary Shares in the United States are expected to be able to participate in the public offer through a facility to be implemented by Citibank, N.A., the depositary for the ADSs.

Pursuant to the Takeover Regulations, Tech Mahindra will be required to make a public announcement of the public offer within four working days of receiving approval from the CLB for the preferential allotment and open the public offer to tendering by shareholders and ADS holders no later than 55 calendar days after the date of such public announcement.

Image: Wilbur Ross, chairman and chief executive officer of WL Ross & Co. | Photograph: Brendan McDermid/Reuters