The board of directors of British firm the Axon Group has decided to accept HCL's offer to buy it, spurning the original bidder, massive combine Infosys.

Infosys had offered £407.1 million for Axon, but HCL stepped in last week to up the bid to £441 million.

In a regulatory statement, Axon said the board had decided to withdraw its recommendation to shareholders that they'd accepted HCL's bid and no longer would entertain Infosys advances.

Infosys had been expected to launch a counter bid for the Axon Group, but so far has restrained itself. But it's clear that conversations between Infosys and Axon were underway and this  recommendation suggests those talks came to nothing. X

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