Tech Mahindra Drops $1B In Deal For Satyam

Law360, New York (March 21, 2012, 3:06 PM EDT) -- India's Tech Mahindra Ltd. on Wednesday announced an all-stock merger with once-troubled Mahindra Satyam Ltd., a deal valued at $1 billion that will create India's fifth-biggest software firm.

The deal, which has been approved by both companies' boards, gives stockholders one share of Tech Mahindra for every 8.5 shares of Satyam, the company said. The move will bulk up Satyam, which once teetered on the brink of bankruptcy after an accounting scandal in 2009.

Tech Mahindra bought a 46 percent interest in Satyam, then called Satyam...
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