Mawer, M&G to reject Schneider Electric takeover offer

47
1
Mawer, M&G to reject Schneider Electric takeover offer

Mawer Investment Management and M&G Investments, shareholders in Aveva Plc, will reject Schneider Electric's 9.5 billion pounds $10.37 billion takeover offer, calling it a opportunistic French industrial group Schneider Electric on Wednesday, offering 31 pounds per share.

We view the current bid as opportunistic, taking advantage of a temporarily depressed share price. Peter Lampert, portfolio manager at Mawer, said in a mail to Reuters that long-term investors are willing to be patient and that the market should reflect the value of the business over time.

The Financial Times reported on Mawer's plan to reject the offer earlier in the day.

Another investor in Aveva, M&G Investments said the statement resonates with the statement.

M&G is materially underwhelmed with the opportunistic 31 pound offer from Schneider for the rest of Aveva, and we're disappointed that the Aveva board has recommended the bid to shareholders, said Rory Alexander, fund manager, M&G Investments.

He said that M&G intends to vote against the bid in the belief that patience will be rewarded well in excess of what Schneider is offering.

Mawer Investments holds a 1.5 per cent stake in Aveva, making it the eight largest shareholder in the company, while M&G Investment has a 0.43 per cent interest, according to Refinitiv Eikon.