(CercleFinance.com) – The Canadian fund Mawer Investment Management believes that Schneider’s offer for Aveva underestimates the value of the British group, according to the Financial Times.
The offer price presented by Schneider is 3,100 pence per share in cash. The acquisition values the entire issued and to be issued share capital of Aveva at approximately £9,482 million, on a fully diluted basis.
Mawer Investment Management is planning to reject Schneider’s 3100p takeover bid according to the FT saying ‘it is an opportunistic offer that has taken advantage of the share price weakness of recent months’.
M&G Investments could also reject the offer according to the FT.
“Following these announcements yesterday, the stock closed at 3,137p, ie above the offer price, even taking into account the minority interest deposit,” underlines Invest Securities.
‘ If this opposition can be understood, the operation has a good chance of succeeding, because it must be approved by 75% of the shareholders present at the AGM of Aveva, knowing that Schneider holds 58.6% of the capital and P .Kennedy 4.4%’ adds the analysis office.
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