Vowing to unconditionally oppose the attempted hostile takeover bid by Larsen and Toubro (L&T), the promoters of Information Techn𒊎ology company Mindtree have dubbed the move by L&🦄amp;T as a grave threat to the organisation.
"A hostile takeover by Larsen and Toubro, unprecedented in our industr꧒y, could undo all of the progress weꦬ’ve made and immensely set our organisation back," the promoters said in a statement Tuesday.
The attempted h🦩ostile 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.
In the statement, the promoters -- Krishnakumar Natarajan (executive chairman), Subroto Bag꧅chi (co-founder), Rostow Ravanan (CEO) and Parthasarathy N S (executive vice chairman and COO) -- went on to outline the move's potential "negative consequences to corporate culture, client relationships, employee retention".
"We don’t see any strategic advantage in the transaction and strongly believe that the transactio🦂n will be value destructive for all shareholders. Our collective success depends on building and nurturing relationships with our clients and partners," it said.
🅰They added that "this unexplainable transaction will bring disruption to those relationships and impair Mindtree’s ability to differentiate itself in the market and continue to deliver client value and great shareh🌺older return".
Promising their full commitment to long-term vision of building an independent company, the statement by promoters said that they firmly "believeཧ it is in the best interests of our shareholders...and our organisation overall to continu𓆉e opposing this takeover attempt".
Mounting the country's first hostile takeover bid in the IT sector, infrastructure giant Larsen and Toubro Monday made an offer to buy up to 66 p💮er cent stake in the Mindtree for around Rs 10,800 crore.
L&T has entered into a deal to buy Cafe Coffee Day owner V G Siddhartha's 20.32 per cent stake in Mindtree and has also plac๊ed an order with brokers to pick up another 15 per cent of the company shares from the open market.
Subsequent to these deals, L&T would make an open offer to buy additional 31 per cent stake through an open offeꦐr.
PTI
