RUEIL-MALMAISON (dpa-AFX) - Shelly Group SE (SLYG.DE), a Bulgaria-based IoT and smart building solutions provider, announced that its Board of Directors supports the takeover offer from French energy technology major Schneider Electric SE (SBGSF.PK, SU.PA, SND.DE).
Shelly Board considers the 70.00 euros per share offer price in cash fair from a financial point of view and adequate and supports Schneider Electric's voluntary public tender offer.
According to the firm, Schneider Electric is a strong strategic partner for its next phase of international growth while preserving its entrepreneurial culture, organization and workforce.
The offer price represents a premium of around 27% to the unaffected XETRA six-month volume-weighted average price of EUR 55.16 per share on July 28, the last trading day prior to the public disclosure of discussions between the companies.
As per the offer, SE 2026 A SAS, an indirect unit of Schneider Electric, would make the deal, and would preserve Shelly Group's headquarters in Bulgaria as well as its organization and workforce for at least three years following completion of the offer. This would include its research and development, engineering, sales, operations and management functions.
It is expected that the combination of Shelly Group's innovative IoT and smart building technology, entrepreneurial culture and strong market position with Schneider Electric's global reach and capabilities would create significant opportunities for Shelly's further development and international expansion.
Shelly Group noted that as the next step, the reasoned opinion will be published together with the Offer document following its approval by the Bulgarian Financial Supervision Commission.
The minimum acceptance threshold of 95% remains unchanged.
Shelly Group urged its shareholders not to take any action at this time.
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