Schneider: successful bid for RIB Software
(CercleFinance.com) - On Tuesday Schneider Electric has announced the initial results of its voluntary takeover bid for all of RIB Software's outstanding shares.
The purchase offer was accepted for 34,586,737 RIB shares during the initial acceptance period. This represents approximately 66.64% of RIB's total share capital and voting rights. In addition, on 25 March 2020 Schneider Electric acquired 9.99% of RIB outside the offer.
At the end of the initial offer period, Schneider Electric thus held almost 76.63% of the group's total share capital and voting rights. The minimum acceptance threshold of 50% plus one share was therefore been exceeded.
All regulatory approvals have been obtained from the competition authorities. To be completed, the offer only requires the approval from the Committee for Foreign Investment in the United States (CFIUS).
At this stage, the offer is expected to be completed towards the end of the second quarter of 2020.
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