Mergers and Acquistions News
Categories: IT Services & Consulting
September 29th 2008, 13:15PM
The planned acquisition of Axon will reportedly take longer than previously expected, as two firms look set for a bidding war for a takeover of the British consultancy group.
According to Reuters, shares in Indian outsourcing companies Infosys Technologies and HCL Technologies fell as reports of a fight to acquire Axon emerged.
HCL launched a £441.1 million offer for Axon last Friday, countering an original bid from Infosys of £407 million.
Dipen Shah, a sector analyst with Kotak Securities, said: "We believe completion of acquisition to take longer than earlier expected."
He added that a bidding war could be negative for both HCL and Infosys, as both companies sought to make the largest ever information purchase by an Indian IT firm.
Vineet Nayar, chief executive officer of HCL, told the Economic Times the company would consider any counter offer from Infosys if and when it occurs, but would not comment on such a bid before it happens.
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