Takeover tussle: L&T’s takeover bid fails to unsettle Mindtree

Even as Larsen and Toubro (L&T) on Tuesday tried to play down the nature of its move to take over technology firm Mindtree, promoters of the latter refused to budge from their stand, terming the move hostile, unprecedented, and unexplainable. They maintained that the culture of the two companies are not aligned.

Addressing newspersons on Tuesday, L&T MD & CEO SN Subrahmanyan said what they are trying to do is with pyaar (love) and will continue to look at it as something they are doing from dil (heart).

He was speaking a day after L&T announced that it has entered into a definitive share purchase agreement (SPA) with VG Siddhartha and his related entities — Coffee Day Trading and Coffee Day Enterprises — to acquire 20.32% stake in Mindtree at `980 per share, aggregating to approximately `3,269 crore, and stating their intention to acquire up to 15% of the share capital in on-market purchase and make a further open offer of 31% for `980 a piece respectively, valuing the total transaction at about `10,700 crore.