Canada-based Mawer Investment Management and M&G Investments, shareholders in Aveva Plc, intend to reject Schneider Electric's 9.5 billion pounds ($10.37 billion) takeover offer, calling the offer "opportunistic".
French industrial group Schneider Electric on Wednesday said it would proceed with a full takeover of the British software company, offering 31 pounds per share.
"We view the current bid as opportunistic, taking advantage of a temporarily depressed share price. As long-term investors, we are willing to be patient and expect the market should better reflect the value of the business over time," Peter Lampert, portfolio manager at Mawer said in a mail to Reuters.
Earlier in the day, the Financial Times reported Mawer's plan to reject the offer.
The statement resonates with another investor in Aveva, M&G Investments.
"M&G is materially underwhelmed with the opportunistic 31-pound offer from Schneider for the remainder of Aveva, and we're disappointed that the Aveva board has recommended the bid to shareholders," Rory Alexander, fund manager, M&G Investments, said.
"M&G intends to vote against the bid in the belief that patience will be rewarded well in excess of what Schneider is offering," he added.
Mawer Investments holds a 1.5 per cent stake in Aveva, making it the eight largest shareholder in the company, while M&G Investment holds a 0.43 per cent interest, according to Refinitiv Eikon.
($1 = 0.9157 pounds)