BANGALORE: The promoters of Mindtree, a global technology services and Digital transformation company unconditionally opposed the reported hostile takeover bid by Larsen and Toubro Ltd (L&T).
In a statement, the promoters, including Krishnakumar Natarajan (executive chairman), Subroto Bagchi (co-founder), Rostow Ravanan (CEO) and Parthasarathy N.S. (executive vice chairman and COO said the attempted hostile takeover bid of Mindtree by Larsen & Toubro is a grave threat to the unique organization they have collectively built over 20 years.
“Since we started the company in 1999, we have built a rock-solid organization that outperforms its peers in IT services, differentiates and innovates through digital, and consistently delivers strong financial results and favorable returns to our shareholders. We’ve also carefully created a differentiated corporate culture made up of our amazing “Mindtree Minds,” which reached the 20,000 milestone this year,” the statement from the promoters said.
They said a hostile takeover by Larsen & Toubro, unprecedented in the industry, could undo all of the progress the company has made, and immensely set organization back. “We don’t see any strategic advantage in the transaction and strongly believe that the transaction will be value destructive for all shareholders. We believe that culture needs to be carefully created and nurtured over time, and can’t be bought and sold like any asset,” the statement added.
“We remain 100 per cent committed to our long-term vision of building an independent company. We believe it’s in the best interests of our shareholders, Mindtree Minds, and our organization overall to continue opposing this takeover attempt. In the meantime, while this situation unfolds, Mindtree will continue to be laser focused on continuing the stellar work for our clients and delivering great value to them.”
Mindtree is a global IT consulting and services company, which has clients across 17 countries.