Schneider: funds could well reject Aveva bid
(CercleFinance.com) - According to the Financial Times the Canadian fund Mawer Investment Management believes that Schneider's offer for Aveva undervalues the British group.
Schneider's offer price 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 pounds on a fully diluted basis.
Mawer Investment Management therefore plans to reject Schneider's proposed 3100p takeover offer, according to the FT, saying that it is an opportunistic offer that takes advantage of the weak share price in recent months.
M&G Investments may also reject the offer, the FT adds.
Following the announcements yesterday, the stock closed at 3,137p - above the offer price - even after taking into account the minority stake, Invest Securities pointed out.
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Schneider's offer price 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 pounds on a fully diluted basis.
Mawer Investment Management therefore plans to reject Schneider's proposed 3100p takeover offer, according to the FT, saying that it is an opportunistic offer that takes advantage of the weak share price in recent months.
M&G Investments may also reject the offer, the FT adds.
Following the announcements yesterday, the stock closed at 3,137p - above the offer price - even after taking into account the minority stake, Invest Securities pointed out.
Copyright (c) 2022 CercleFinance.com. All rights reserved.