Bangalore, Oct 10 (UNI) Infosys on today refused to raise the bid of 600 pence per share of the Axon, after the UK based company preferred another higher bid from HCL Technologies.
In a statement Infosys said it would not raise the bid price and this was done after a careful consideration.
"After careful consideration, the board of Infosys has concluded that it will not increase the price of its original offer dated August 25, 2008," it said.
HCL Technologies had increased the bid to 650 pence per share for Axon valuing the company at 441.1 million pounds in March.
Subsequently Axon Group had decided to go ahead with the 441-million pound acquisition offer from HCL, noting that the price is at a premium of 8.3 per cent to Infosys' bid, worth 407.1 million pounds offered by Infosys.
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