Schneider Electric of France agreed to pay $205 in cash per share for PTC, a deal valued at about $22.6 billion. PTC shares jumped in early US trading.
Schneider Electric of France has agreed to buy the US software company PTC for $205 in cash per share, a deal the Associated Press valued at about $22.6 billion. Reuters also reported the bid in its Monday markets note and said PTC shares surged in premarket trading.
AP said PTC leaped 35.3 percent after the offer became public. The price is a cash offer for each share. Neither wire report published a closing timetable, breakup fee or regulatory filing number in the items used here.
Schneider is headquartered in France, so the acquisition is filed under French business even though the target is listed in the United States. The same morning's market coverage also noted a separate C.H. Robinson offer for RXO's truck-brokerage business. That is a different transaction.
The reports did not quote Schneider or PTC executives. Investor reaction visible in the tape was the jump in PTC shares.
Further terms are expected in company statements and US securities filings. Those documents were not yet cited in the wire stories used for this item.