Aveva Shareholders Vote to Accept Schneider Electric Takeover

Aveva Group Plc shareholders voted in favor of Schneider Electric SE’soffer for the UK software company.

Schneider increased its bid to £32.25 per share earlier this month, valuing Aveva at £9.86 billion ($11.9 billion). Aveva said Friday 83% of shareholders voted in favor.

Schneider, which already owns about 59% of Aveva, had said the latest price will be its final offer unless a rival bidder emerges. The French industrial conglomerate was battling claims from some investors that its bid was opportunistic after a rout in technology stocks this year.

Hedge fund Davidson Kempner Capital Management, which was building ...