Aveva shareholders approve Schneider's £9.9bn takeover
Aveva shareholders have approved Schneider Electric’s £9.86bn takeover of the software firm.
Aveva Group
3,219.00p
07:30 18/01/23
0.00%
0.00p
FTSE 100
7,901.80
17:14 03/02/23
n/a
n/a
FTSE 350
4,380.88
17:09 03/02/23
n/a
n/a
FTSE All-Share
4,339.71
16:50 03/02/23
n/a
n/a
Schneider Electric
€154.70
18:10 03/02/23
1.40%
€2.14
Software & Computer Services
1,974.44
17:09 03/02/23
0.74%
14.43
Earlier this month, France’s Schneider - which already owns around 60% of Aveva - lifted its offer for the shares it does not own to 3,225p each from 3,100p.
Aveva and a number of its investors, such as Davidson Kempner and Glass Lewis, had rejected the initial offer, dismissing it as "opportunistic".
At a court meeting on Friday, around 83.5% of shares voted approved the takeover, comfortably clearing the 75% threshold required.
The final offer from Schneider represents a 47% premium to the closing Aveva share price on 23 August, which was the last day before the start of the offer period.