Shelly Group’s board deems Schneider Electric’s cash offer of EUR 70 per share fair and adequate. This is stated in a press release.
The offer represents a premium of approximately 27 percent to the volume-weighted average price on Xetra over the six months through 28 July. An independent valuation by Freitag & Co also deems the price financially fair.
The board views Schneider Electric as a strong strategic partner for continued international expansion. According to the parties’ investment agreement, the intention is to retain Shelly’s headquarters in Bulgaria, as well as its organization and employees, for at least three years after a completed offer.
The offer requires approval from Bulgaria’s Financial Supervision Commission and has a minimum acceptance condition of 95 percent.
Shelly competes with Sweden’s Plejd.
