TECH-MAHINDRA GETS US ANTI-TRUST NOD FOR SATYAM OPEN OFFER

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TECH Mahindra has said that 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% 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, “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 two premier bourses Bombay Stock Exchange and National Stock Exchange. Tech Mahindra had announced an open offer on April 22 for buying an additional 20% at a price of Rs 58 a share.

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