HCL Technologies Offers to Buy Axon, Trumps Infosys

• HCL Technologies Ltd. offered to buy U.K. software consultant Axon Group Plc for about 441 million pounds ($814 million) in cash, trumping a rival bid.
• HCL bid 650 pence a share, 8.3 percent more than the 600 pence offer by Infosys Technologies Ltd
• Axon is an attractive target because of its expertise with products from SAP AG, the world's largest maker of business management software, HCL Chief Executive Officer Vineet Nayar said in a conference call today.
• Axon rose 48 pence, or 7.6 percent, to close at 682 pence in London trading, indicating investors are counting on a higher bid.
• ``Following a period of due diligence, the board is pleased that HCL has recognized the quality of the Axon business and has decided to announce its intention to make an offer,'' Axon said in a statement.
• ``Infosys is considering its position and urges Axon shareholders to take no action at this time,'' the larger Indian company said in a statement.
• Axon said it entered into a breakup-fee agreement and will pay HCL Technologies 1 percent of the offered price if the deal fails.
• For both Infosys and HCL, the purchase of Axon would narrow the revenue gap with Tata Consultancy Services Ltd., India's largest computer services company, and diversify their business by boosting sales from Europe.

Source: Bloomberg.com

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