Schneider Electric Australia Holdings
have today signed an agreement to amend the Merger Implementation Agreement of 19th October 2005.
Under this revised proposal, the amount payable to Citect shareholders will be increased to AU$1.85 per share plus the special dividend of AU$0.05. This amended proposal follows the competing takeover bid for Citect made by a subsidiary of the US-based Private Equity Fund Thoma Cressey Equity Partners on 6th January 2006.
The increased consideration reflects the improvement in Citect recent results, as per its third quarter announcement and updated earnings guidance released in October 2005. Schneider Electric also says it has confidence in its ability to leverage the integration of Citect’s SCADA and MES software suite as a core component of its present Industrial Automation offer, and to capture growth opportunities with an integrated solution approach.
Schneider Electric has received all required regulatory approvals in order for the transaction to proceed, subject to Citect shareholders approving the scheme of arrangement and final Court approval.
Citect generated revenues of €38.2 million in 2004 and has 350 employees.