Schroders says Avast sale price materially undervalues stock
Avast
n/a
n/a
Cybersecurity firm Avast's largest independent shareholder has voiced concerns that the company has undervalued itself in its £6.2bn sale agreement to an American rival.
FTSE 100
8,223.98
16:59 03/01/25
FTSE 350
4,534.15
16:54 03/01/25
FTSE All-Share
4,490.88
17:14 03/01/25
Software & Computer Services
2,629.32
16:54 03/01/25
British asset manager Schroders said the terms of Avast's sale to Arizona-based outfit NortonLifeLock had "materially" undervalued the FTSE 100-listed group, with Sue Noffke, Schroders' head of UK equities, telling The Times that the planned takeover risked the business being sold "too cheaply".
Given Schroders' reputation and 6.3% stake in the software group, the asset manager's criticism of the deal could pave the way for a potential rebellion against the agreement, despite Avast's board already having recommended the terms to shareholders.
As of 0925 BST, Avast shares were up 0.036% at 593.62p.