Independent Mindtree’s directors have said that engineering conglomerate Larsen & Toubro’s offer of Rs 980 for the IT company’s shares ‘appears to be fair and reasonable’ and is in accordance with the market regulator’s takeover rules.
“The shareholders of the target company are advised to independently evaluate the open offer and take an informed decision about tendering equity shares held by them in the open offer,” the independent directors said in a filing with the Bombay Stock Exchange.
Mindtree’s promoters, who own about 13 percent of the company, have opposed the takeover, calling it hostile and saying it undervalues the mid-tier IT company.  
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L&T’s open offer to buy another 31 per cent stake in MindtreeNSE -0.38 % will now open on June 17 and close on June 28, after getting delayed by a month of its original timeline of May 14 to May 27 as it awaited the regulator Securities and Exchange Board of India’s final approval for the draft letter of offer.