L&T prepares for hostile takeover of Mindtree
Mumbai, March 15 -- Larsen and Toubro Ltd (L&T), which has been in talks to buy Cafe Coffee Day founder V.G. Siddhartha's stake in Mindtree Ltd, is set to sign a binding agreement to close the deal, two people directly aware of the development said. The transaction, which is likely to be announced in the weeks ahead, could trigger a hostile takeover bid, leading to an open offer by L&T, India's largest engineering company, to increase its stake to 51%. The move, if successful, could see Mindtree's current management losing control of the company. Siddhartha was one of Mindtree's early investors and bought a 6% stake in 1999, the year it was founded. Over the years, he has increased his holding, giving an exit to existing shareholders, inclu...
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