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ARTICLE · 22 MAY 2019

Mindtree - L&T - India's 1st Ever Hostile Takeover - An Overview

King, Stubb & Kasiva
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Acquisitions may be friendly or hostile. A friendly acquisition is one in which the promoters wilfully transfer the control of the management of the target company to the acquirer.

IndiaCorporate/Commercial Law
Raghav Gaind
Raghav Gaind
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Introduction:

Acquisitions may be friendly or hostile. A friendly acquisition is one in which the promoters wilfully transfer the control of the management of the target company to the acquirer. In case of hostile takeover, the same transfer is done grudgingly. Historically, India has witnessed only a handful of hostile takeover attempts. Foremost amongst these (predating the takeover code) is the highly contentious and unsuccessful attempt by Swaraj Paul to take over Escorts Industries. Thereafter, almost 15 years, corporate India witnessed the only successful hostile takeover of Raasi Cements by Indian Cements in 1998.

Mindtree, a tech company started by a group of Wipro around two decades back is set to witness the first ever hostile takeover in the IT sector. Aspiring to achieve an internal target of 1 billion dollars, Mindtree which has missed the target twice is poised to achieve the same in the current Financial year. This is largely due to the aggressive

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