L&T to make open offer for Mindtree in first-ever hostile bid in Indian IT

Diversified conglomerate Larsen & Toubro (L&T) is set to launch a hostile bid to acquire mid-tier IT services company Mindtree, possibly as early as Monday evening. It will buy out Coffee Day founder and Mindtree's largest shareholder, V G Siddhartha, and proceed with an open offer to public shareholders, spending as much as Rs 7,000 crore (or $1 billion), for a controlling interest, people directly aware of the matter have told TOI .

from Times of India https://ift.tt/2TLarwe