Company controlled by Chairman of the Board of DNO International ASA, Berge Gerdt
Larsen, has on Wednesday 28 July 2010 bought 112 417 shares in DNO International ASA at
a price of NOK 8.39 per share.
Following this transaction, shareholdings in DNO International ASA controlled by the
Chairman totals 27 214 921 shares, representing 3,0 % of total shares in the company.
DNO International ASA
29 July 2010
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian
Securities Trading Act)
Satyam changes bidding process as sale nears
India’s fraud-hit Satyam Computer Services said on Thursday it has changed the bidding process for a controlling stake in it to introduce a second-round open auction to find a new owner if necessary.
Satyam, reeling since its founder and chairman quit earlier this year after revealing a massive accounting fraud, is keen to find a buyer of a 51 percent stake to restore the confidence of its about 50,000-strong staff and more than 600 clients.
The changes to the sale process, which only come into effect if initial sealed bids for the firm are reasonably close, come as sources said bids were being sought next week, with a view to completing the sale by mid-month.
The outsourcing firm said on Thursday qualified bidders would have their sealed bids ranked on price. Satyam’s market value has slid to about $530 million from about $7 billion last May.
If there were bids that were at least 90 percent of the highest offer, then there would be an open auction among those bidders, with the highest bid set as the floor price.
“If the bidders, as present for the open auction, raise the bid value, then the highest bidder in the open auction shall be declared the successful bidder,” New York-listed Satyam said in a filing to Indian and U.S. regulators.
If initially, there were no other bids that were 90 percent of the highest sealed bid, or if no bids were raised during the open auction, then the initial highest bid would win, Satyam said, adding bidders would be notified separately about the auction process.
Last month, Satyam had said if one or more bids in the first round were at least 90 percent of the highest bid, another round of sealed bids would be sought on the same day.
SALE EARLIER THAN EXPECTED
Financial bids for Satyam will be submitted by next week, three banking sources involved in the deal said on Thursday, and the sale is likely to be completed by mid-April, another source with knowledge of the proceedings said.
“By April 9 we have to put in the final and financial bids,” one banker directly involved in the deal told Reuters.
The company’s government-appointed board had said last month it hoped to finalise a buyer by April 30.
“It is expected to be completed much earlier than that,” said another source, who is not allowed to speak to the media about the bidding process. “It should be completed in the next couple of weeks.”
Indian engineering conglomerate Larsen and Toubro and mid-sized outsourcer Tech Mahindra are among the suitors, and local media have said U.S. private equity WL Ross and Co was also in the race.
Ross called Satyam “interesting” on CNBC TV on Wednesday, but declined further comment due to India’s confidentiality rules. Ross has invested $120 million in two Indian firms, including $82 million in low-cost airline SpiceJet.
(Additional reporting by Narayanan Somasundaram in MUMBAI)