Corporate battle looms as Mindtree management rejects L&T's takeover bid

As the engg. major tries to assuage concerns of Mindtree promoters, Bengaluru firm in no mood to relent and vows to restore its independent identity

A day after engineering major Larsen & Toubro (L&T) made a hostile bid to take a controlling stake in Mindtree, the managements of both the companies went all out to convince shareholders of their respective stands.

While the management of L&T in a hurriedly convened press conference on Tuesday highlighted the synergy of Mindtree with its IT portfolio companies, sounding a conciliatory tone, the promoters of the Bengaluru-based company were in no mood to relent and vowed to fight till finish. 

They said Mindtree under the current management was well-run and had given maximum returns to the shareholders since going