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, â€œOur 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...â€
Tech Mahindra further said, â€œThe condition to the offer with respect to anti-trust approval under the Hart-Scott-Rodino Act has been satisfied.â€ The anti-trust approval in the US was needed as both the companies â€” Satyam and Tech Mahindra â€” 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 Germanyâ€™s competition regulator, the Federal Cartel Office, and Indiaâ€™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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