Any open offer by Larsen & Toubro (L&T) and a counter-offer by promoters in the ongoing battle for control of Mindtree may not be a smooth one for the warring parties, said legal experts.
In a significant majority of the cases, it has been found that no more than 15-16 per cent of shareholders tender into an open offer, noted Harsh Pais, partner, Trilegal.
“This could be a challenge if the deal is premised on acquisition of a larger stake through a tender offer, unless the price is very attractive,” Pais added.
While Securities and Exchange Board of India’s (Sebi’s)