April 20, 2009 / 6:49 PM / 9 years ago

UPDATE 1-PA Consulting says not in talks with Cognizant

MUMBAI/BANGALORE, April 20 (Reuters) - UK-based PA Consulting on Monday dismissed media reports that it was in talks with Cognizant Technology Solutions Corp (CTSH.O) to sell itself, saying they were factually incorrect.

“PA’s executive team and board are not, nor have ever been, in talks with Cognizant about anything whatsoever,” technology consulting firm PA Consulting said in a statement.

“There is no truth at all in the allegation of an acquisition of PA, nor any part of PA; nor in the possibility of alliances, partnerships or the like.”

PA Consulting also said the financial performance information given in the article was highly inaccurate, and was “in direct conflict with our audited information.”

Earlier in the day, The Economic Times had reported that Cognizant is in talks to buy PA Consulting in a deal valued at $300 million to $350 million to strengthen its presence in Europe. [ID:nBOM399162]

A spokeswoman for Cognizant said the company does not comment on market speculation.

Shares of Cognizant were down 4 percent at $22.42 in afternoon trade on Nasdaq. (Reporting by Narayanan Somasundaram in Mumbai, Bijoy Koyitty in Bangalore; Editing by Ranjit Gangadharan and Deepak Kannan)

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