Axon takeover approved by UK court

by Editor 12/16/2008 12:51:00 PM
HCL Technologies' 441 million pound offer to take over British consultancy Axon was confirmed Saturday by UK's High Court of Justice.

"The High Court of Justice has made an order confirming the reductionof Axon's share capital in connection with the HCL Scheme by which HCL EAS's acquisition of Axon is being implemented," the UK-based SAP consultancy service provider said in a statement.

Earlier, the court had sanctioned the HCL scheme at a hearing held on December 10. India's fifth-largest IT company HCL would conclude the acquisition on December 15. The HCL Scheme will become effective upon the HCL court orders being delivered to the Registrar of Companies(and in relation to the HCL Reduction Court Order, by the Register of Companies) which is expected to take place on December 15, it added.

With this deal, HCL will become one the largest SAP implementation companies in the world. Axon shares were temporarily suspended from the official list and the London Stock Exchange's mainmarket for listed securities from December 11.

The listing and admission to trading on the London Stock Exchange's main market for listed securities of Axon shares will be cancelled at 8 am on December 16, the day following the anticipated effective date of the HCL scheme," it added.

On 26 September 2008, the board of HCL Technologies announced that it will pay 650 pence in cash per Axon share, valuing the entire share capital of Axon at approximately 441.1million.

India's second largest IT company Infosys was also in the lead to acquire Axon and had made a cash offer of 407.1 million for the same. But Infosys was subsequently outbid by HCL Tech.

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