Mindtree:公司控制权市场的尝试

Q4 Business, Management and Accounting South Asian Journal of Business and Management Cases Pub Date : 2021-04-01 DOI:10.1177/2277977921991900
P. Bhaskaran
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引用次数: 1

摘要

本案围绕Larsen&Toubro Ltd(L&T)于2019年6月收购Mindtree Ltd(ML)展开。ML是由一群软件专业人士创立和培育的。在20年的时间里,它发展成为一家拥有全球影响力、10亿美元营业额和独特组织文化的企业。在一系列奇怪的事件中,ML超过20%的股份落入了L&T的手中。L&T抓住了这个机会,开展了一场系统的收购活动。在大约100天的时间里,L&T实现了目标,坐上了驾驶座。该案件追溯了ML从一家初创公司到一家具有全球地位的上市公司的演变过程。它考察了导致L&T获得公司初始股份的情况和事件;研究问题ML和L&T之间是否存在战略契合?资本市场程序对参与收购的所有利益相关者是否公正公平?L&T在收购过程中是否公平、谨慎和敏感?悉达多对ML的创始人忠诚和公平吗?理论链接能够更好地理解案例的理论概念有:并购形势下的战略匹配分析资本市场:企业控制的理论与实践文化和生态系统在知识组织中的意义现象研究企业不同发展阶段相关的领导风格不同的一个领导者,在一个特定的时间点,如果他能够将自己的愿望与企业在该时间点的领导需求相匹配,那么他就是成功的。该案例可以用来证明这一现象。案例背景案例背景是一家新兴的信息技术企业,受到公司的突袭和正在展开的资本市场进程。这起案件突显了联合创始人的缺点,导致他们被免职,也突显了即将上任的管理层在处理过渡过程中的敏感性。调查结果该案例表明,资本市场有能力公平对待所有利益相关者,确保对能力的奖励和对草率行为的惩罚。该案例强调,联合创始人需要制定有效的公司控制战略;只有到那时,他们才有希望实现长期目标。该案例还说明了敏感性在处理人和生态系统等较软问题方面的重要性,以确保长期成功。讨论一开始,情况可能看起来像是一条大鱼吞下一条小鱼。但更仔细的审查将揭示案件的多个层面。想想悉达多的角色吧。他萌生了公司的想法;他是它的资助者;他在公司的投资时间比大多数创始人都长;当他退出时,联合创始人无法将公司团结起来。悉达多和联合创始人都没有远见来巩固他们的股权,以便在未来有效控制公司。这将引发关于技术官僚、管理者、领导者和创始人不同角色的讨论。另一个值得讨论的问题是:联合创始人是如何选择他们的领导者的?是通过他们之间的轮换,还是他们采用了一套标准来确定有能力领导全球公司的现任者?
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Mindtree: Tryst with the Corporate Control Market
The case is structured around the takeover of Mindtree Ltd (ML) by Larsen & Toubro Ltd (L&T) in June 2019. ML was founded and nurtured by a group of software professionals. In two decades, it had blossomed into an enterprise with global presence, US$ 1 billion turnover and a unique organizational culture. In a strange sequence of events, more than 20% of ML’s shares landed in L&T’s lap. L&T grabbed this opportunity and ran a systematic campaign to acquire the company. In about 100 days, L&T achieved its objective and got into the driver’s seat. The case traces the evolution of ML from a start-up to a publicly held company with global standing. It examines the circumstances and events leading to L&T getting the initial stake in the company; it examines the acquisition campaign of L&T and the response of the top management of ML. Research Questions Was there a strategic fit between ML and L&T? Were the capital market processes just and fair to all the stakeholders involved in the acquisition? Was L&T fair, prudent and sensitive in the acquisition process? Was Siddhartha loyal and fair to the founders of ML? Link to Theory The theoretical concepts that would enable a better comprehension of the case are: Analysis of strategic fit in M&A situations Capital market: Theory and practice Strategy for corporate control of an enterprise Significance of culture and ecosystem in knowledge organizations Phenomenon Studied Leadership styles relevant at different stages of evolution of an enterprise are different. A leader, at a given point of time, is successful when he is able to match his aspirations with the leadership needs of the enterprise at that point of time. The case can be used to demonstrate this phenomenon. Case Context Context of the case is that of an emerging infotech enterprise, coming under corporate raid and the unfolding capital market processes. The case highlights the shortcomings of the co-founders, leading to their unseating as also the sensitivity of the incoming management in handling the transition. Findings The case demonstrates the ability of the capital market to be fair to all stakeholders ensuring reward for competence and punishment for sloppiness. The case emphasizes the need for co-founders to have an effective strategy for corporate control; only then they could hope to achieve the long-term objectives. The case also illustrates the significance of sensitivity in handling softer issues like people and ecosystem in ensuring long-term success. Discussions At the outset, the case may appear to be that of a big fish swallowing a small fish. But a closer scrutiny would reveal the multiple dimensions of the case. Consider the role of Siddhartha. He seeded the idea of the company; he was a financier to it; he remained an investor in the company longer than most of the founders; when he pulled out, the co-founders could not hold the company together. Neither Siddhartha nor the co-founders had the far-sightedness to consolidate their shareholdings for effective control of the company into the future. This would trigger discussions on the differing roles of technocrats, managers, leaders and founders. Another point worthy of discussion would be: How were the co-founders choosing their leaders? Was it by rotation among themselves, or did they engage a set of criteria to identify an incumbent capable of leading a global company?
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来源期刊
South Asian Journal of Business and Management Cases
South Asian Journal of Business and Management Cases Business, Management and Accounting-Management of Technology and Innovation
CiteScore
1.70
自引率
0.00%
发文量
19
期刊介绍: South Asian Journal of Business and Management Cases (SAJBMC) is a peer-reviewed, tri-annual journal of Birla Institute of Management Technology, Greater Noida (India). The journal aims to provide a space for high-quality original research or analytical cases, evidence-based case studies, comparative studies on industry sectors, products, and practical applications of management concepts. The journal likes to publish problem-solving, decisional and applied types of cases. Such cases must have linkage with theory, at least one dilemma (also known as case issue) and a protagonist around whom the case issue will revolve. Publication of pure research, applied research and field studies with empirical data do not fall under the domain of SAJBMC. Fictitious cases are not welcome.
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