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Indian IT services provider Infosys has decided not to raise its offer for Axon, quashing expectations of a bidding war for the SAP consulting specialist.
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Axon's board withdrew its support for Infosys's 600p a share bid after receiving a competing approach from another Indian outfit, HCL, worth 650p a share.
Axon's shares reached a high of 682p on news of HCL's counter-offer, but news of Infosys's exit has sent them back down to 610p. While the gathering economic gloom means a counter-offer is looking less likely by the day, the shares are still below HCL's live offer price. Sit tight.
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-IC-1.5.4a-prod - 31/10/2008 13:11:34 - carlos.princz
