The company formalised the deal in April

The company formalised the deal in April

All eyes on May 13 for SEBI approval of L open offer on Mindtree

Just when it was uk canada goose outlet looking like the goose outlet canada Mindtree L takeover saga is coming to canada goose uk black friday an end, a delay in the market watchdog’s approval for L open offer canada goose outlet canada has created uncertainty.

The market regulator Securities and Exchanges Board of canada goose outlet parka India (SEBI) is yet to give its official canada goose outlet nod to the L open offer that canada goose outlet black friday is set to commence of May 14. Without SEBI’s approval in place on canada goose outlet uk sale or before May 13, the open offer cannot canada goose outlet new york city start.

This is despite the fact that the engineering major on May 9 picked up a 25.93 percent stake in Mindtree, which automatically triggers the open offer. Meanwhile, the independent directors committee (IDC) set up by Mindtree that was Canada Goose Online supposed to give its recommendations to shareholders on the L open offer on May 10, did not do so. According to reports, the IDC is waiting for SEBI’s approval before giving canada goose outlet uk any recommendations.

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In India’s first hostile takeover bid, the engineering major signed a definitive agreement to buy Siddhartha and his coffee enterprise’s 20.32 canada goose black friday sale percent stake in Mindtree at Rs 980 per share on March 18. The company formalised the deal in April.

In March, L also said that it would increase its stake canada goose outlet store uk to 66.32 percent through canada goose factory sale an open offer for 31 percent and an open market purchase of 15 percent.

The move was against canada goose outlet reviews what Mindtree founders wanted since they did not want to be a part of large conglomerate. Meeting media persons then, CEO Rostow Ravanan said that why Canada Goose sale is a conglomerate like L wants to buy a company that is least interested in being acquired. “Why can’t they build one,” he said then.

The weeks leading up cheap canada goose to the buyout of uk canada goose Siddhartha’s majority stake canada goose outlet by L saw the founders of Mindtree taking all necessary steps of fend off a hostile takeover bid. This included the buyback of shares or looking for another white knight. The company’s move failed at both ends.

It did not end there however. Between March and canada goose uk outlet now, both the companies in question have raised concerns about the way the whole deal panned out.

While Mindtree has raised questions about the legality of the open offer and had written to SEBI, L questioned the announcement of the highest dividend of Rs 27 per share by Mindtree and its board practices at a time when Mindtree is the target of an acquisition.

While analysts canada goose coats say that the open offer is unlikely to start given that L is yet to dispatch the letter of offer to Mindtree, May 13 will be crucial for L The engineering behemoth is looking to pick up a controlling stake and a possible merger with its technology subsidiary L Infotech.

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