For the first time since news emerged about L & T’s unsolicited acquisition of $ 900-million Bengaluru-based IT services company, Mindtree’s founders came together for the media as a move to a “unique” organization for a grave threat and all for value-destructive shareholders
TNN | Updated: Mar 20, 2019, 10:52 IST
- Mindtree’s founders came together before the media to describe L & T’s move as a serious threat to a “unique” organization and value-destructive for all shareholders
- They even said it could grievously hurt the IT industry and the startup ecosystem
Mindtree co-founder Subroto Bagchi with Mindtree Executive Chairman Krishnakumar Natarajan and Mindtree CEO Rostow Ravanan, at the press conference, in Bengaluru on Tuesday.
L & T to make first-ever hostile bid in Indian IT for Mindtree
Diversified conglomerate Larsen & Toubro (L & T) is set to launch a bid to acquire mid-tier IT services company Mindtree, possibly as early as Monday evening. It will buy out Coffee Day founder and Mindtree’s biggest shareholder, VG Siddhartha, and a open offer to public shareholders, Controlling interest for as much as Rs 7,000 crore (or $ 1 billion) spent, the matter of people is directly aware told TOI
Subrahmanyan also said that there were no plans to disturb Mindtree’s current management and the promoters could continue with the company.
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