In a bid to tackle a potential hostile takeover attempt by L&T, even as the conglomerate looks to pick up\u00a0\u00a0VG Siddhartha's stake in Mindtree, the IT major has announced that it is considering a share buyback program.\u00a0\u00a0 Bengaluru-based software services company, Mindtree is meeting Wednesday to decide on buyback proposal of its shares amid media reports that its non-promoter shareholder VG Siddhartha would be offloading his 21% stake in the software services company and the likely buyer of his shares would be rival IT company L&T Infotech. Sharing his take on whether the attempt by Mindtree will be successful, Amit Tandon, MD, Institutional Investor Advisory Services said that L&T may finally be able to trigger the open offer.\u00a0\u201cThere\u2019s very little Mindtree \u00a0can do. The buyback may not achieve its objective. L&T may give them a long rope to adjust to the cultural mismatch,\u201d\u00a0Amit Tandon told CNBC TV18. Ashok Soota, former chairman of mid-sized software services company while talking to CNBC TV18 said, "L& T does seem poised to buy all VG Sidhartha shares, going by what the market says. Don\u2019t think L&T needs much efforts to reach 26% to launch an offer.I don\u2019t think stakeholders are going to lose irrespective of what the outcome is,\u201d Meanwhile one of the co-founders of Mindtree, Subroto Bagchi, who also holds stake of 3.10% in the company tweeted Sunday,\u201cAn imminent threat of hostile takeover of Mindtree has made me resign from the Government to be able to go, save the company. I must protect the Tree from people who have arrived with bulldozers and saw chains to cut it down so that in its place, they can build a shopping mall." Mindtree informed exchanges Friday about its meeting to be held on Wednesday to consider a buyback proposal but it didn\u2019t give out any other detail like quantum of buyback etc. Siddhartha, who is a major non-promoter shareholder in the company has a total of 20.38% along with his group companies in Mindtree. While his individual stake in the company is 3.33%, his group companies - Coffee Day Enterprises and Coffee Day Trading have 10.63% and \u00a06.45% respectively in the software services company. Today on the BSE, Mindtree shares at 11: 06 AM were trading at Rs 958.90, 13.01 points higher than the previous close.