Satyam board to announce acquirer tomorrow

The hunt for an acquirer for thefraud-hit Satyam Computer is nearing an end, with thegovernment-appointed Board meeting in Mumbai on Monday toselect the winner through a bidding process.
"Interested parties can submit bids till 9 am on Monday.The technical evaluation of these bidders will be held first.Financial bids will be opened after," the Satyam Board Chairman, Kiran Karnik, told PTI here.
Larsen & Toubro is believed to be thefront-runner in the race for the beleaguered IT-company, whileTech Mahindra and Private-equity firm, W L Ross are alsoactive in the fray.
L&T, which owns a 12.04 per cent stake in Satyam, hadappointed Nomura and Citi Group as investment bankers for apossible deal with Satyam.
"If there is a party with a 10 per cent difference withthe top bidder, this will go for an open auction. Otherwise,the top bidder will be annonced as the winner," Karnik said.
The entire bidding process will be overseen by formerChief Justice of India S.P. Bharucha, who will ensuretransparency in the process, Karnik said.