India's Mindtree management rejects L&T's hostile takeover bid [Reuters]
Infosys Limited American Depositary Shares (INFY)
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Source: Reuters
India's Mindtree management rejects L&T's hostile takeover bid | Reuters 4 Min Read BENGALURU/MUMBAI (Reuters) - India’s Mindtree on Tuesday rejected conglomerate Larsen & Toubro’s hostile takeover bid, saying L&T’s plan to acquire a controlling stake will not create value for the IT services firm or its shareholders. L&T, best known as India’s largest engineer, announced late on Monday that it was buying a fifth of Mindtree for roughly $475 million and planned further acquisitions to raise its stake to 66 percent, spending $1.6 billion in total. “The hostility is not just in terms of the shareholding, but also because of the fact that this particular group has competing business with us,” Mindtree chief executive Rostow Ravanan told reporters at the company’s headquarters in the tech hub of Bengaluru. The L&T group runs IT firm L&T Infotech and engineering services firm L&T Technology Services. “Whether the deal is done by reckless pursuit of scale or driven by ego is the question th
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