Infosys rules out hike in offer price for Axon

Bangalore, Oct 10 (IANS) Infosys Technologies Friday ruled out increasing its original offer price of 600 pence per share to buy the Britain-based Axon Group plc.

'After careful consideration, the board of Infosys has concluded that it will not increase the price of its original offer dated 25 August 2008,' the IT bellwether said in a statement here.

Following a counter-bid by the New Delhi-based HCL Technologies at 650 pence per share Sep 26 to acquire the SAP specialist, Axon announced the withdrawal of its recommendation of Infosys' offer and its intent to unanimously recommend the higher offer when made.

'Infosys has fast-growing and profitable SAP-led business transformation practice. The company is confident that its decision will have no material impact on its strategic plans,' the statement added.