The offer of 3,100 pence per share in cash values the British machinery and industrial software group at £9.48 billion on a diluted basis. The Enterprise Value was given as £10.154 billion.
As announced by Schneider Electric SE, both companies have agreed on the modalities of the cash offer. Schneider Electric has been the majority shareholder of AVEVA since 2018 and currently holds 59.14 percent of the shares. AVEVA Group plc separately confirmed the agreement on the takeover bid with the French energy management and automation group.
The offer price is 41 percent higher than AVEVA’s closing price of 2.192 pence per share on August 23, a day before Schneider announced that it was considering a takeover bid for the outstanding AVEVA shares.
On the London stock exchange, AVEVA shares temporarily rose by 2.43 percent to 31.22 pounds on Wednesday, while Schneider Electric shares on the Paris stock exchange were temporarily trading at the previous day’s level of 116.06 euros.
PARIS (Dow Jones)
Leverage must be between 2 and 20
No data
More news about AVEVA Group PLC
Image sources: IgorGolovniov / Shutterstock.com, MIGUEL MEDINA/AFP/Getty Images
