Mindtree agrees to 'Evaluate'? L&T offer

The Mindtree board has decided against buying back the company’s stocks to prevent a hostile takeover by L&T, it informed the exchanges. Besides, to evaluate the engineering conglomerate’s unsolicited offer, Mindtree will form a committee of independent directors led by Apurva Purohit. Meanwhile, L&T made an open offer to acquire a 31% stake in the mid-sized IT firm for ?5,030 crore, valuing its shares at ?980 apiece. Mindtree promoters have vocally opposed the takeover bid, saying the engineering giant will bring no value to their company.