Rumors continue to circulate concerning the possibility iGATE Corporation (Nasdaq:IGTE) may be putting together a joint bid for Patni Computer Systems Ltd.
Shares of iGATE got pummeled Tuesday on the news, as a report from the Wall Street Journal gave the rumor some heft.
iGATE is reportedly working with Apax Partners LLP on a bid.
The shares of iGate were hit hard because of the perceived and probably real pain it would take to merge the companies.
A consortium of Advent International Corp. and Carlyle Group are also interested in taking over Patni.
iGate closed Tuesday at $20.00 even, falling $4.83, or 19.45 percent. Sidoti lowered their price target on them from $30 to $24, and their rating from "Buy" to "Neutral."
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