With just a day to go before Tech Mahindra’s open offer (of 20 per cent additional shares) to Satyam Computer Services’ shareholders, the board of the company has decided not to express any opinion and remain neutral.
Satyam’s board members, in a filing to the US Securities and Exchange Commission (SEC), stated: “The board believes that ... supporting the open public offer would be tantamount to recommending that the company’s shareholders sell their holdings. The board is concerned that this might be construed as a negative statement...”
