December 17, 2008
Hit by the adverse market reaction, homegrown Satyam Computers on Wednesday called off its proposed $1.6-billion acquisition of two companies promoted by the IT major Chief Ramalinga Raju's son.
Announcing the decision to call off the acquisition of Maytas Properties and Maytas Infrastructure "in light of the setback received from the investors community," Raju said: "We have been surprised by the market reaction to this decision even though we were quite positive about the merits of the acquisition."
The reversal comes within a day of the Satyam board approving the decision to acquire Maytas Properties for $1.3 billion and a majority 51 per cent stake in Maytas Infrastructure for $300 million.
(PTI)
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