Infosys dumps takeover bid for Axon

Bangalore, Oct 10 (UNI) Infosys today refused to raise the bid of 600 pence per share for Axon, after the UK-based company preferred a higher bid from HCL Technologies.

In a statement, Infosys said it would not raise the bid price.

The decision was taken after 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 its 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 the price was at a premium of 8.3 per cent to Infosys' bid worth 407.1 million pounds.

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