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Aveva Group PLC on Friday said a majority of shareholders voted in favour of the takeover by French energy management company Schneider Electric SE.
Aveva is a Cambridge, England-based industrial software firm.
Of the shares voted at Aveva’s general meeting, 86% voted for the takeover, while at the court meeting, 83% of scheme shares were cast in favour. The 59% of Aveva shares already held by Schneider were excluded from the vote. Among the minority shareholders, votes were cast representing 60% of these shares, or about 74 million shares.
The takeover is still subject to sanctioning by a court that is expected to take place in the first quarter of 2023. Aveva expects the takeover to become effective in that quarter.
Earlier this month, Schneider increased its cash offer for the 41% of Aveva shares that it doesn’t already own. Schneider is offering 3,225 pence in cash for each Aveva share, which values Aveva’s equity at £9.86 billion and implies an enterprise value of £10.57 billion.
Aveva shares rose 0.2% to 3,188.00 pence each on Friday afternoon in London, while Schneider Electric shares were down 0.3% to €142.42 each in Paris.
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