11th Nov 2022 20:19
(Alliance News) - Schneider Electric SE and Aveva Group PLC on Friday announced they have agreed an increase and final cash offer for Schneider's takeover of Aveva.
Schneider will now offer 3,225 pence in cash for each Aveva share, which values the firm at GBP9.86 billion on a fully diluted basis, and implies an enterprise value of GBP10.57 billion.
The offer is around 4% higher than that agreed a couple of months ago.
In September, industrial software firm Aveva agreed to a takeover offer by the French energy management company, at 3,100p per share. The firm had set court and general meetings for November 17 to approve the takeover, which will now take place on November 25.
Schneider is Aveva's majority shareholder.
Schneider Electric said the new offer is its "final offer and will not be increased" but it reserves the right to increase the offer price if there an offer or potential offer for Aveva by a third party or other offeror.
Shares in Schneider closed up 1.0% to EUR141.98 each in Paris on Friday, while Aveva added 0.7% to 3,167.00p in London.
By Elizabeth Winter; [email protected]
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