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L&T Attempts Hostile Takeover Of Mindtree
M & A Critique
|April 2019
The country's largest engineering and construction conglomerate Larsen and Toubro (L&T) has now been cast as an avaricious acquirer after it made hostile bid to take over Bengalure-based I-T services company Mindtree.
As a first move to one of the largest hostile takeovers India Inc. has seen, L&T bought the first tranche of shares in a free and consenting transaction with V.G. Siddhartha, the founder of Cafe Coffee Day to buy 20.3% stake in Mindtree from him and his two affiliate firms. The engineering giant has the required pedigree in the IT business with its two companies L&T Infotech Ltd and L&T Technology Services Ltd. The chairman of L&T Group, AM Naik says that the acquisition of Mindtree fits into the larger plan of the company.
The promoters of Mindtree-- Krishnakumar Natarajan, Subroto Bagchi, NS Parthasarathy and Rostow Ravanan – have vehemently opposed the takeover as they face loss of control in a company they set up and nurtured with great care over two decades. In fact, the move by L&T has also brought to the fore the subject of hostile takeover in corporate India and the markets regulator will have to actively look into the matter for larger interests.
Larsen & Toubro Limited (L&T), the acquirer, a publicly listed company is a part of Larsen & Toubro Group, is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. L&T addresses critical needs in key sectors-Hydrocarbon, Infrastructure, Power, Process Industries and Defence - for customers in over 30 countries around the world.
Mindtree Limited (Mindtree), the target company, is a publicly listed company engaged in the business of consultation and services related to Information Technology and delivering digital transformation and technology services from ideation to execution.
Selling Shareholders of the Target Company:
Mr. V.G. Siddhartha, owner of Coffee Day Trading Limited and Coffee Day Enterprises Limited.
Transaction
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