IBM has reportedly pulled out of the bidding for ailing Indian service company Satyam Computer Services Ltd, according to latest media speculation.
Reuters is saying that India’s Spice Group may also withdraw from the race.
A government-appointed board had supposedly short-listed seven bidders, and if the withdrawals of IBM and Spice are confirmed would leave engineering and construction firm Larsen & Tourbo, Tech Mahindra, a couple of private equity firms, and one other unnamed interested party left in the auction.
Earlier this moth the Securities and Exchange Board of India had approved plans for Satyam to sell 51% of the company and officials confirmed that any bid for Satyam would not be restricted to Indian companies.
Satyam has confirmed today, Between this week and next week, there will be several meetings between various bidders and company officials.”
