Hours after Infosys announced its decision not to raise its bid for Axon, HCL Technologies today said it has decided to go ahead with its proposal for acquiring the UK-based consultancy major, valued at £441.1 million. HCL, through its subsidiary of HCL EAS, has already bought 0.47 per cent equity of Axon.

“With the consent of the UK Takeover Panel and Axon, HCL has decided to implement the offer by way of a scheme of arrangement. The acquisition continues to be on the same terms and conditions as set out in the original announcement of September 26,” the company said.

It is anticipated that Axon would post the Scheme Document to Axon Shareholders on or around October 24, with completion of the deal expected prior to the end of the year. On September 26, the board of HCL announced the terms of a cash offer to acquire the entire issue and to be issued share capital of Axon Group Plc at a price of 650 pence in cash per Axon share, valuing the entire issued and to be issued share capital of Axon at approximately £441.1 million.