HCL receives UK court nod for Axon takeover

NEW DELHI: HCL Technologies' 441 million pound offer to takeover British consultancy Axon was today cleared by UK's High Court of Justice, setting in motion the process of delisting Axon from London Stock Exchange starting tomorrow.

In a filing to BSE, HCL Technologies Ltd said that the Court made an order sanctioning the HCL scheme by which its wholly-owned subsidiary HCL EAS Ltd's acquisition of Axon will be implemented.

HCL Tech had made a counter offer to Infosys' bid of 407.1 million pound for buying Axon. It had announced on September 26 its intention to counter the bid of Infosys with a cash offer of 650 pence per share for the British firm.

In order for the HCL scheme to be effective, the Court will now need to confirm the associated HCL Capital Reduction at the HCL Reduction Court Hearing. This hearing will take place on December 12, the statement said.

"It is expected that the last day of dealing in Axon share will be December 11 and that the listing and admission to trading on the London Stock Exchange's main market for listed securities of Axon shares will be cancelled at 8 am on December 16, the day following the anticipated effective adte of the HCL scheme," it added.