Mindtree promoters vow to oppose hostile takeover bid by L&T

Dub it “grave threat” to company

The promoters of IT company Mindtree have vowed that they would unconditionally oppose the attempted hostile takeover bid by Larsen and Toubro, and dubbed it a grave threat to the organisation. “A hostile takeover by Larsen and Toubro, unprecedented in our industry, could undo all of the progress we’ve made and immensely set our organisation back,” the promoters said in a statement Tuesday.

The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a “grave threat” and “value destructive” to the organisation collectively built over 20 years, the promoters said pledging to “unconditionally oppose” the hostile takeover attempt.