Mindtree directors' panel finds L&T offer price 'fair & reasonable'

The observation of the panel is in stark contrast to the stance taken by the founders of the IT services company

The independent directors’ committee (IDC) at Mindtree on Wednesday said Larsen and Toubro’s open offer price of Rs 980 seemed “fair and reasonable”, and recommended that shareholders take independent but informed decision on tendering their shares.

“The IDC is of the opinion that as on the date of the public announcement, the offer price of Rs 980 offered by the acquirer, is in accordance with the regulations prescribed under the Sebi (SAST) regulations, and appears to be fair and reasonable,” the committee observed, said a regulatory filing by Mindtree to the exchanges.

“The shareholders of the target company are advised