Consider L&T Offer, Mindtree board tells promoter group

BENGALURU: MindtreeNSE -1.14 % board members asked the promoter group to consider Larsen & Toubro’s offer to increase its stake in the software company and deferred a decision on buying back shares, citing legal and commercial challenges, people familiar with the developments said.

Some directors advised the founders to negotiate a higher price for the shares instead of stonewalling the engineering company’s overtures, they said.

“Mindtree (founders) will negotiate a higher price – at least Rs 200 more (than the open offer of Rs 980),” a senior investor directly aware of the thinking of the promoter group told ET. “And they (L&T) will pay.” The founders have publicly opposed L&T’s “hostile bid” to acquire majority control in the IT services company they built over two decades.