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Aveva shareholders approve Schneider's £9.9bn takeover

By Michele Maatouk

Date: Friday 25 Nov 2022

Aveva shareholders approve Schneider's £9.9bn takeover

(Sharecast News) - Aveva shareholders have approved Schneider Electric's £9.86bn takeover of the software firm.
Earlier this month, France's Schneider - which already owns around 60% of Aveva - lifted its offer for the shares it does not own to 3,225p each from 3,100p.

Aveva and a number of its investors, such as Davidson Kempner and Glass Lewis, had rejected the initial offer, dismissing it as "opportunistic".

At a court meeting on Friday, around 83.5% of shares voted approved the takeover, comfortably clearing the 75% threshold required.

The final offer from Schneider represents a 47% premium to the closing Aveva share price on 23 August, which was the last day before the start of the offer period.

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