Indian outsource group Infosys has informed that it would not raise the bid
price of 600 pence a share for UK-based Axon, a move which rules it out from the battle to acquire the SAP firm.
After careful consideration, the board of Infosys has concluded this final decision, that it will not increase the price of its original offer dated August 25, 2008.
Last month, HCL Technologies had increased the bid to 650 pence per share for Axon valuing the company at 441.1 million pounds, at a premium of 8.3 per cent to Infosys' bid, worth 407.1 million pounds.