Satyam board for open auction

Hyderabad, April 2 The board of Satyam Computer Services has modified the bidding process for the sale of 51 per cent in the company by allowing for open auction method instead of the sealed bidding method.
In a letter to the stock market regulators in India and the US, the board said that “if there are one or more financial bids which are at least 90 per cent of the highest bid, the board will treat the highest bid as the floor price and conduct an open auction.”
“If none of the bidders raise their financial bids, then the highest sealed bid received would be declared as the successful bid,” the letter said.
If the bidders raised the bid value in the open auction, the highest bidder would be declared the successful bidder, the company said.
“If there is no bid which is at least 90 per cent of the highest bid, then the highest bidder will be declared the successful bidder,” it said.