Satyam board mulls buyers shortlist
Satyam's government-appointed board of directors met today to look at bids received for the company - the deadline for registering interest was last night. Directors have appointed former Chief Justice of India SP Bharucha to oversee the process. Interested bidders have until next Friday to provide proof of funds totalling at …
You gotta be kidding. First prove that you have the 290 MILLION asking price, and that you are interested, then you get finally get to see how much the diseased corpse is worth?!
Come on, what kind of moron is bidding for that?!
There is actually a very good reason for this requirement.
The idea is to keep non potential bidders from getting a look at how bad things really are inside the company. Imagine if you were an analyst/reporter who wanted to look at how bad things were mucked up and then write an article.
The whole idea is that you have to prove that you can really afford to buy the company before they'll let you see their financial statements which probably has a lot of confidential information.
Just think how bad it would be if someone started printing out which customers got bilked and by how much... Then no one would want to do business in India and you'll see a big hit on offshoring ...
Hmmm maybe that's not such a bad idea. Maybe the Reg could raise the capital and do a report? ;-)
For anyone who wanted to buy a ravaged company to just to buy it's floor-level price shares on the open market?
What, for goodness sake, is 50% of a company with a bust balance sheet *worth*. Would they even have the cash to pay someone to take it away?
Things have gone very quiet on the investigation front too: I wonder if the accused are still under arrest/investigation, or if they have quietly left the limelight to return to their comfortable family lives?
