(Alliance News) - Aveva Group PLC on Tuesday said that the Secretary of State for Business, Energy & Industrial Strategy has decided no further action needs to be taken for its takeover by Schneider Electric SE.
The Cambridge, England-based industrial software firm is being acquired by Ascot Acquisition Holdings Ltd, an indirect subsidiary of French energy management company Schneider.
The acquisition is expected to close in the first quarter of financial 2023, now that the takeover has been cleared under the National Security & Investment Act 2021.
The acquisition was initially agreed upon in September, when the boards of Schneider Electric and Bidco and the Aveva Independent Committee announced that they had reached agreement on the terms of a recommended cash acquisition by which the entire issued and to be issued share capital of Aveva would be acquired by Bidco.
In November, Schneider increased its cash offer, under the terms of which Aveva shareholders are entitled to receive 3,225 pence in cash for each company share.
Aveva said Schneider's offer had received the support of 4.1% of Aveva shareholders, which equates to 10% of all shares not held by Schneider.
Aveva shares were trading 0.3% higher at 3,194.00p each in London on Tuesday afternoon, while Schneider Electric shares were down 0.3% to EUR139.16 in Paris.
By Jaskeet Briah, Alliance News reporter
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