While initial talks were to buy only the services business, sources said that Fiserv is exploring options to buy the complete promoter stake in the firm, which can trigger an open offer.
Polaris seems to be the new lass on the block being wooed by many suitors. After Tech Mahindra and L&T Infotech reportedly pulled out of the race to buy Polaris's services business due to high valuations, sources told CNBC-TV18 that Nasdaq-listed Fiserv has been in talks with the promoters of Polaris to buyout the company, report Kritika Saxena and Nimesh Shah. While initial talks were to buy only the services business, sources said that Fiserv is exploring options to buy the complete promoter stake in the firm, which can trigger an open offer.
So far, sources have suggested that Fiserv is in the due diligence stage and is yet to decide on valuation contours. However, sources also said that if the deal does go through, Arun Jain, the chairman of the company, will be absorbed into the board of the company and will remain the head of the financial services business.
When contacted, a spokesperson from Fiserv said: “It is a long-time Fiserv policy not to comment on any specific scenarios that may or may not be under consideration.”
READ MORE ON Fiserv, Polaris Financial Technology, Arun Jain, Tech Mahindra, L&T Infotech, Prakash Diwan, L&T Infotech
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