26th Nov 2020 07:00
(Alliance News) - Aveva Group PLC on Wednesday said it has cancelled the bridge loan made available for its acquisition of data management software firm OSIsoft LLC, adding that the purchase is expected to complete by February.
The FTSE 100 information technology firm stated that following the admission of 125.7 million rights issue shares to the London Stock Exchange on Wednesday morning, it has cancelled the bridge facilities made available to it for the purpose of the acquisition. As a result, no further participation fees or commitment fees will be incurred in relation to the facilities.
In November, Aveva said it planned to raise GBP2.84 billion through a rights issue of shares, which will go towards the USD5.0 billion acquisition of OSIsoft. Under the rights issue - conducted at a price of GBP22.55 per share - shareholders were entitled to buy seven rights issue shares for every nine existing shares held.
Additionally, on Wednesday, Cambridge-based Aveva said regulatory and antitrust approvals remain on track for its takeover of OSIsoft. The deal is expected to complete between late December and February 2021.
The stock closed 25% higher at 3,301.00 pence each on Thursday morning in London.
By Ife Taiwo; [email protected]
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