Mindtree says US$480mil hostile bid a ‘grave threat’

MUMBAI: Mindtree Ltd’s top executives forcefully objected to a proposed takeover bid from Larsen & Toubro Ltd, calling it a “grave threat” to the Indian software developer’s future.

On Monday, Larsen & Toubro, Asia’s second-largest engineering firm by market value, agreed to buy 20.3% of Mindtree for about 32.7 billion rupees (US$480mil) and proposed acquiring a controlling stake in the company. V.G. Siddhartha, the largest shareholder in Mindtree through Coffee Day Enterprises and affiliated entities, agreed to sell the original stake for 980 rupees apiece.