Mindtree to step up fight against L&T’s open offer; board to meet on Mar 26

As the battle for takeover of Mindtree intensifies, the board of the Bengaluru-based tech company is preparing to hold its own against L&T’s open offer.

Mindtree plans to recommend to its investors not to subscribe to the open offer, citing low offer price, among key reasons. This matter, along with the possibility of a buyback, was learnt to be discussed during Wednesday’s board meet. But a final call is expected to be taken in the next meeting, scheduled for March 26.

People close to the Mindtree management said the founders of the mid-tier IT firm were exploring several other options, including coming out with a counter open offer, with the backing of a financial investor, to thwart L&T’s takeover bid.