Tech Mahindra gets US anti-trust nod for Satyam offer

[B. Karthick]

IT firm Tech Mahindra yesterday said it has received approval from the
US anti-trust authority regarding its Rs 1,154 crore open offer for
the purchase of an additional 20 per cent stake in Satyam Computer.

In a filing to the stock exchanges, Tech Mahindra said "our request
for early termination of the applicable waiting period relating to the
offer has been granted under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976..."

Tech Mahindra further said that "the condition to the offer with
respect to anti-trust approval under the Hart-Scott-Rodino Act has
been satisfied."

The anti-trust approval in the US was needed as both the companies —
Satyam and Tech Mahindra — have technology outsourcing work in the
United States, and also because Satyam is listed on the NYSE.

The open offer has already got anti-trust approval from Germany's
competition regulator, the Federal Cartel Office, and India's tow
premier bourses Bombay Stock Exchange and National Stock Exchange.

Tech Mahindra had announced an open offer on April 22 for buying an
additional 20 per cent at a price of Rs 58 a share from the
shareholders of the IT firm.

The open offer was made after Tech Mahindra bought a 31 per cent stake
in Satyam for Rs 1,756 crore through the issue of preferential shares
after an auction process.

The open offer, which started on June 12, will close on July 1.