L&T CEO calls Mindtree takeover 'pyaar, not war'; says Siddhartha made move

L&T MD and CEO says the deal 'protects Mindtree against hostile takeover' and someone else would have moved if L&T didn't

Company News: arsen and Toubro MD and CEO S N Subrahmanyan on Tuesday said that V G Siddhartha moved toward the development major to sell his stake in MindTree. He said the arrangement shouldn't be viewed as threatening as it's "pyaar, not war and secures Mindtree against antagonistic takeover" as another person would have moved if L&T didn't.
On Monday, L&T made an offer at antagonistic takeover of the global data innovation and redistributing organization headquartered in Bengaluru by purchasing Siddhartha's stake and offering investors Rs 980 each by means of an open offer.
Mindtree on Tuesday turned out with a searing judgment saying: "The endeavored unfriendly takeover offer of Mindtree by L&T is a grave danger to the one of a kind association we have all in all worked more than 20 years."
The L&T boss said that the gathering doesn't plan to coordinate MindTree with its IT benefits firm L&T Infotech and it will be kept running as a free organization.Read More

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