Aveva's potential bidders had been waiting for conclusion of discussions with Schneider Electric
Potential bidders for Aveva [LON:AVV] had been holding off until the UK-based software company’s takeover discussions with Schneider Electric [EPA:SU] were concluded, the Financial Times reported. The newspaper cited people close to the situation for the information, which appeared in an article about Aveva and Schneider’s failed talks regarding a proposed GBP 1.3bn (EUR 1.78bn) reverse takeover by the French industrial group.
It had been expected that Aveva and Schneider would conclude their negotiations early next year, the article said.
As previously reported, potential bidders for Aveva included General Electric and Emerson, the item noted.
Aveva Chief Executive Richard Longdon, quoted in a longer edition of the same report on the Ft.com website, said he would not be surprised if other potential bidders indicated interest today. Longdon added that the Aveva board is open minded about other bidders.
An analyst cited by the report said he doubted that another suitor would emerge in the near future.
Longdon said the industrial rationale for the deal remains strong, but added that the process had taken too long.
Aveva had been increasingly frustrated at the length of time the discussions were taking, with some complaining that Schneider did not have sufficient focus on concluding the deal, the article added.
Aveva’s share price fell 616p to 1550p at the close of trading in London yesterday, valuing the company at GBP 991m.