Two Aveva shareholders plan to oppose Schneider takeover offer

Sept 23 (Reuters) - Canada-based Mawer Investment Management and M&G Investments, shareholders in Aveva Plc (AVV.L), intend to reject Schneider Electric's (SCHN.PA) 9.5 billion pounds ($10.37 billion) takeover offer, calling the offer "opportunistic".

French industrial group Schneider Electric on Wednesday said it would proceed with a full takeover of the British software company, offering 31 pounds per share. read more

"We view the current bid as opportunistic, taking advantage of a temporarily depressed share price. As long-term investors, we are willing to be patient and expect the market should better reflect the value of the business over time," Peter Lampert, portfolio manager at Mawer said in a mail to Reuters.

Register now for FREE unlimited access to

Earlier in the day, the Financial Times reported Mawer's plan to reject the offer.

The statement resonates with another investor in Aveva, M&G Investments.

"M&G is materially underwhelmed with the opportunistic 31-pound offer from Schneider for the remainder of Aveva, and we're disappointed that the Aveva board has recommended the bid to shareholders," Rory Alexander, fund manager, M&G Investments, said.

"M&G intends to vote against the bid in the belief that patience will be rewarded well in excess of what Schneider is offering," he added.

Mawer Investments holds a 1.5% stake in Aveva, making it the eight largest shareholder in the company, while M&G Investment holds a 0.43% interest, according to Refinitiv Eikon.

($1 = 0.9157 pounds)

Register now for FREE unlimited access to
Reporting by Shanima A, additional reporting by Jahnavi Nidumolu and Ann Maria Shibu in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.