A host of private equity firms and global information technology majors are likely to vie for a stake in Satyam Computer Services, as angry investors look for an exit or a change in the outsourcer's management team.

The embattled firm, which is also listed in New York, saw its shares plummet to a five-year low last week after a botched attempt to buy two firms in which Satyam management held stakes and after news it had been barred from World Bank business.

The company has said it will hold a board meeting on Jan. 10 to consider options to improve shareholder value and corporate governance, leading to speculation of a possible stake sale or takeover bid.

Satyam, hit by accusations of a lack of transparency, has hired DSP Merrill Lynch to review ways to enhance shareholder value, but did not give further details.

Four independent directors have resigned from Satyam's board in the past week.

Analysts say any acquisition of Satyam, India's No. 4 software services exporter, would give access to a profitable company with a cash balance of about $1 billion, a good set of clients such as General Electric and Qantas Airways, and a well trained workforce.

While top technology firms such as IBM and Capgemini could be the potential buyers of Satyam, private equity firms such as Carlyle, TPG and KKR could also be weighing their options for a stake buy, investment bankers and analysts said.

"You don't have the opportunity to acquire a tier-one vendor in any industry very often. These circumstances are results of unusual developments," said James Friedman, a senior analyst with Susquehanna Financial Group.

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