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August 18, 2005

CGE&Y reportedly back in bidding for Mphasis stake

CapGemini Ernst & Young is rumored to be the strategic investor that has returned to the bidding for Baring Private Equity Partners' 35.6% stake in offshore IT services and BPO vendor Mphasis-BFL, following an unsuccessful earlier entry, according to a report from Indian newspaper the Economic Times.

By CBR Staff Writer

The sale of the Baring stake – estimated to be valued at some $200m including exit price premium – started more than three months ago and has attracted several Indian services providers, European and US companies, and investor groups. Price remains the key factor in the deal, as Baring is seeking a price of at least IR280 ($6.44) per share, above Wednesday’s closing share price of IR269 ($6.19).

The Singapore government’s private fund Temasek is said to have submitted a bid of IR230 to IR250 ($5.29 to $5.75) per share, and the Times reports that both analysts and Mphasis regard Temasek as a suitable candidate.

Conglomerate Hinduja TMT is also in the bidding, although Mphasis has lined up against any bid from the conglomerate. The Times’ sources say that Baring will probably respect Mphasis management’s preferences and consider only Temasek and CapGemini should they put in final bids.

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