(By Anthony Miller – Thursday, 2nd April 2009 7:00pm). The Satyam board has decided to turn the bidding for the beleaguered company into an open auction if any player comes within 10% of the highest offer received under the sealed bid process. If not, then winner takes all. If so, the highest offer becomes the floor price for the open auction, but only players whose bid was within 10% of the floor price get to play. Well, you can call me a traditionalist, but I’m of the ‘sealed bid is our best and final offer’ auction school. I just can’t see why the Satyam board wants to futz around changing the rules and dragging the bidding process out even longer, for the sake (I assume) of possibly squeezing a few more Rupees from the punters. For goodness sake, esteemed gents – Satyam is dying out there; just get the deal done!
Thursday, 2 April 2009
Satyam board over-spices the bidding process
(By Anthony Miller – Thursday, 2nd April 2009 7:00pm). The Satyam board has decided to turn the bidding for the beleaguered company into an open auction if any player comes within 10% of the highest offer received under the sealed bid process. If not, then winner takes all. If so, the highest offer becomes the floor price for the open auction, but only players whose bid was within 10% of the floor price get to play. Well, you can call me a traditionalist, but I’m of the ‘sealed bid is our best and final offer’ auction school. I just can’t see why the Satyam board wants to futz around changing the rules and dragging the bidding process out even longer, for the sake (I assume) of possibly squeezing a few more Rupees from the punters. For goodness sake, esteemed gents – Satyam is dying out there; just get the deal done!
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