Two Aveva shareholders plan to vote against Schneider’s acquisition bid

Mawer Investment Management and M&G Investments, both located in Canada, intend to reject Schneider Electric’s 9.5 billion pounds ($10.37 billion) buyout bid, calling it “opportunistic.” Schneider Electric, a French industrial business, said on Wednesday that it will proceed with a full purchase of the British software company, giving 31 pounds per share.

Mawer earlier had intended to reject the offer. M&G Investments, another Aveva investor, agrees with the assertion. “M&G is significantly unimpressed by Schneider’s opportunistic 31-pound offer for the balance of Aveva, and we’re unhappy that the Aveva board has recommended the deal to shareholders,” M&G Investments fund manager Rory Alexander said.

“M&G intends to vote against the proposal because we believe that patience will be rewarded far more than what Schneider is giving,” he continued. According to Refinitiv Eikon, Mawer Investments owns 1.5% of Aveva, making it the company’s eighth-largest stakeholder, while M&G Investment owns 0.43%.