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Two Aveva shareholders oppose Schneider takeover bid

Shareholders in software firm Aveva, Canada’s Mawer Investment Management and M&G Investments are proposing to reject French industrial group Schneider Electric’s £9.5 billion pound ($10.37 billion) takeover offer, calling it opportunistic.

According to Peter Lampert, portfolio manager at Mawer Investments, the company’s eighth largest shareholder with a 1.5 per cent stake in Aveva, the offer is opportunistic, taking advantage of a temporarily reduced share price, and the company is prepared to exercise patience and expects the market to better reflect the value of the business over time. M&G Investments, which holds a 0.43 per cent stake in Aveva, agrees with this statement.

“M&G is materially underwhelmed by Schneider’s opportunistic 31-pound offer for the remainder of Aveva, and we’re disappointed that the Aveva board has recommended the bid to shareholders,” said fund manager Rory Alexander of M & G Investments.

Alexander explained that M&G will vote against the offer because they believe patience will be rewarded far more than what Schneider is offering.

Meanwhile, Schneider Electric is insisting on a full takeover of Aveva, offering £31 a share.

The sources for this piece include an article in Reuters.

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