Invensys (LSE: ISYS) confirmed this morning that it has received a takeover offer from Schneider Electric SA, a global specialist in energy management, which sent the shares surging more than 15%.
The discussions are in the early stages, but the initial offer was for 505p per ordinary share — broken down to 319p in cash and 186p in new Schneider shares — which values Invensys at £3.3bn.
The French-headquartered firm is now required to announce a firm intention to make an offer by no later than 5pm on 8 August 2013, or to announce that it will not be putting in a further bid.
Many investors will not be surprised by today’s announcement by Invensys, with the engineering group long considered a takeover target, and its shares rose earlier this week on speculation.
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> Sam does not own shares in Invensys.
