You already know that Satyam Computer Services (NYSE:SAY) is up for grabs. Now, the potential buyers are stepping out of the shadows. It looks like Satyam's shareholders may get a little something for their trouble after all.

That wasn't always the case. Back in January, Satyam was rocked to the core by the revelation of habitual accounting shenanigans. For a while, the company looked as if it were destined to file for bankruptcy protection, or to get nationalized by the Indian government.

According to Economic Times, IBM (NYSE:IBM) has submitted a bid to bolster its already-hefty Indian presence. Big Blue has about 75,000 employees in Hindustan. Satyam's 51,000 staffers would make IBM the biggest IT consultant in India, ahead of the 111,000 employees at Tata Consultancy Services, 103,000 at Infosys (NASDAQ:INFY), and Wipro's (NYSE:WIT) 97,000.

There are about 130 bids on Satyam's table, including "expressions of interest" from private buyout firms Kohlberg, Kravis, Roberts and TPG Capital. Hewlett-Packard (NYSE:HPQ) is another hungry and cash-rich investor. If IBM won't front the money to pull Satyam out of the abyss, it looks almost certain that somebody else will. The first round of bidding is closed, and the board is now asking for more substantial offers from the interested parties.

So if I were a Satyam shareholder who got blindsided by the accounting scandals and never got around to unwinding my position, I might hold tight today. Turnaround-hunting investors could also go sniffing around Satyam these days, because a buyout would almost certainly put a premium on these shares.

Just be mindful of the risks: Until Satyam's new board and auditors figure out exactly how deep the damage from the accounting problems may run, there's no way to know for sure that the company is worth saving at any price. An investment here could be rewarding if you're lucky, but it's definitely a roll of the dice.

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Fool contributor Anders Bylund holds no position in any of the companies discussed here. You can check out Anders' holdings or a concise bio if you like, and The Motley Fool is investors writing for investors.