Mindtree promoters guarantee to oppose hostile takeover bid by L&T

Mindtree promoters said they would unconditionally oppose the attempted hostile takeover bid by Larsen and Toubro (L&T), and dubbed it a grave threat to the organisation. "A hostile takeover by Larsen and Toubro, unprecedented in our industry, could undo all of the progress we’ve made and immensely set our organisation back," the promoters said in a statement on Tuesday. The attempted hostile takeover bid of Mindtree by Larsen & Toubro is a "grave threat" and "value destructive" to the organisation collectively built over 20 years, the promoters said pledging to "unconditionally oppose" the hostile takeover attempt. In the statement, the promoters — Krishnakumar Natarajan (executive chairman), SubrotoBagchi (co-founder), RostowRavanan (CEO) and Parthasarathy N.S. (executive vice-chairman and chief operating officer) — went on to outline the move's potential "negative consequences to corporate culture, client relationships, employee retention". "We don’t see any strategic advantage in the transaction and strongly believe that the transaction will be value destructive for all shareholders. Our collective success depends on building and nurturing relationships with our clients and partners," it said.