Axon bid war: Infosys lets deadline lapse

Written by Corporate Bureau | New Delhi, Mumbai, Sep 29 | Updated: Sep 30 2008, 08:05am hrs
Infosys Technologies on Monday decided to forego its right to make a counter-offer for Axon within 60 hours of the bid made by HCL Technologies. On Friday, HCL had made a counter offer of 441 million to acquire the UK-based SAP consulting firm Axon. This was around 8% higher than what Infosys had bid for the company in August this year.

It is now for Axon to take a call on whether to consider the HCL bid or stay with the Infosys bid. Infy sources said they need not stick to the 60 hour timeline. Infosys has a lot of time to bid further, said a source.

This deal doesnt look like a traditional auction process. Since there seems to be parallel dialogues going on between the two parties, the shareholders will weigh the merits of both the companies before deciding on one, said an analyst. But sources feel Infosys will make a counter-offer at least once though it will avoid getting into a fierce bidding battle.