(Reuters) – Canada-based Mawer Investment management, a top investor in Aveva PLC, plans to reject Schneider Electric’s 9.5 billion pounds ($10.66 billion) takeover offer, the Financial Times reported on Friday.
“It’s an opportunistic bid taking advantage of share price weakness in recent months”, the FT report quoted Peter Lampert, a portfolio manager at Mawer, as saying.
French industrial group Schneider Electric said on Wednesday that it will pursue a full takeover of British software company Aveva, offering 31 pounds per share.
($1 = 0.8911 pounds)
(Reporting by Akanksha Khushi in Bengaluru; Editing by Muralikumar Anantharaman)