Spice says may withdraw from Satyam bid process
Spice Group may withdraw from the race to buy Satyam due to a lack of desired transparency in the bidding process.
By Pankaj Mishra, ET Bureau |
HYDERABAD: Spice Group, one of the potential bidders for the scandal-hit Satyam Computer Service is considering to withdraw from the bidding process, citing issues with terms and conditions proposed by the Satyam board.
���We have to be comfortable with the process, and we are reconsidering our proposed bid,��� BK Modi, Spice Group Chairman told ET on Wednesday.
���I am going to be discussing this issue with the board late tonight, and should have an update after that,��� he added.
iGate, another potential bidder for acquiring a majority stake in the scandal-hit Satyam has already pulled out of the race citing concerns around customer exits and unavailability of sufficient financial information about the company.
���We have to be comfortable with the process, and we are reconsidering our proposed bid,��� BK Modi, Spice Group Chairman told ET on Wednesday.
���I am going to be discussing this issue with the board late tonight, and should have an update after that,��� he added.
iGate, another potential bidder for acquiring a majority stake in the scandal-hit Satyam has already pulled out of the race citing concerns around customer exits and unavailability of sufficient financial information about the company.
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