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Just when Indian IT service provider Infosys thought it had Axon in the bag, another of the sub-continent's heavyweights has stepped in with a higher bid.
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HCL's 650p a share cash offer values Axon at around £441m, more than 8 per cent above Infosys's earlier offer. And shares in the SAP specialist have since climbed to 680p a share, as investors anticipate a bidding war.
Indian offshore IT companies are keen to expand their onshore operations to get closer to customers, and Axon is a high quality target. Sit tight.
Last IC View: Sit tight, 606p, 26 August 2008
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
