Axon pitches for HCL offer, Infosys mulls options

Chennai Oct 2 (IANS) The board of the UK-headquartered consulting firm Axon Group Plc has now pitched for the 441 million pound (650 pence per share) bid of HCL Technologies Ltd, instead of the 407 million pound (600 pence per share) bid made earlier by Infosys Technologies.

The British company has decided to withdraw its earlier recommendation made in favour of Infosys Technologies bid and stated: 'The HCL offer values Axon's existing issued and to-be-issued (fully diluted) share capital at approximately 441 million pounds.'

'The value of the HCL offer is at a premium of 8.3 percent to the value of the Infosys Offer,' it added.

When contacted, Infosys CFO V. Balakrishnan told IANS: 'We are evaluating our options. There is nothing that precludes us from making a counter offer.'

As per the Axon's agreement with Infosys, the former will not vary or amend its recommendation for a period of 60 hours from the time the Infosys was notified.

Axon's decision to accept HCL's offer comes after the completion of the 60-hour waiting period.