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Broker snap: Axon cut to hold after Infosys bails
Mon, 01 Dec, 2008
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Broker snap: Axon cut to hold after Infosys bails
Fri, 10 Oct 2008, 11:42:00
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Related Market Prices
Name
Value
Percent
Change
Axon Group
642.00p
-0.00%
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KBC Peel Hunt has downgraded <b>Axon</b> to "hold" after Infosys refused to get in a bidding war with HCL for the business services software specialist.<br /><br />"In different market conditions, Infosys may well have raised its offer," opined KBC analyst Simon Strong. "This is not to be, and HCL looks to have succeeded in acquiring one of the UK's best IT service companies on an exit p/e of 16.7x," Strong said.<br /> <br />Axon had originally recommended acceptance of Infosys's 600p a share offer but ditched the Indian outsource group to go with a higher offer of 650p per share from HCL Technologies. <br />
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