Canada-based Mawer Investment management, a top investor in Aveva PLC, plans to reject Schneider Electric’s 9.5 billion pounds ($10.66 billion) takeover offer, the Financial Times reported on Friday.
“It’s an opportunistic bid taking advantage of share price weakness in recent months,” the FT report quoted Peter Lampert, a portfolio manager at Mawer, as saying. (https://on.ft.com/3S7Ktx0)
French industrial group Schneider Electric said on Wednesday that it will pursue a full takeover of British software company Aveva, offering 31 pounds per share. ($1 = 0.8911 pounds) (Reporting by Akanksha Khushi in Bengaluru; Editing by Muralikumar Anantharaman)