PRESIDENT and chief executive, American Power Conversion (APC), Mr. Rob Johnson, has given explanation on probably why Paris-based Schneider Electric choice to acquire APC.
ITRealms Online recalls that the latest plans to acquire APC will translate into the purchase of its already existing shares at $31 each, which amounts to $6.1 billion at the end of the deal.
Speaking on the recent moves by Schneider to commence acquisition processes, the APC boss said that apart from providing APC’s stockholders with substantial cash premium on their investment in the firm, Mr. Johnson noted that at completion the company will be proudly owned by Schneider.
This, the chief executive pointed out will offer his company great resources to accomplish its long-term plans, which also will be favourable to the entire staff, customers, business partners and suppliers globally.
Mr. Johnson said, “Both companies have a dedication to innovation and customer service that make our combined enterprise an even stronger, more competitive player in the industry.”
He pointed out that the deal, due for completion early next quarter, is however, subject to approval by APC shareholders and other customary conditions.
Although the APC board of directors have given its green light for the acquisition, Mr. Johnson disclosed that the board also recommended the final endorsement of the deal by the shareholders.
He stressed that the shareholders are likely to vote for the business deal in early 2007, even as the shareholders at Schneider Electric need no obligation again on the latest acquisition.
Equally commenting, the chief executive, Schneider Electric, Jean-Pascal Tricoire, informed that the business-deal presents fabulous prospect for development of both entities.
“To provide unique, differentiated solutions to our combined customers. We look forward to welcoming APC to the Schneider Electric family,” he said.
APC, founded in 1981 and presently a leader in the provision of global, end-to-end solutions for real-time infrastructure and prides itself as comprehensive products and services provider for home and corporate environments.
Schneider Electric with headquarters in France, is an international company that designs, manufactures and sells products, solutions and services for electric distribution and automation and control and reported revenue of 11.7 billion in 2005 and had 88,670 employees in 130 countries.
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