ONE OF Aveva's largest minority shareholders has criticised an "opportunistic" bid for the software firm.

Aegon Asset Management has criticised Schneider - the French giant which last week said it was pondering a £9bn bid for the just more than 40 per cent of the firm it doesn't yet own - for taking aim at the firm "when the share price is depressed given the company is undergoing a complex transition to a subscription model which lowers profits in the near term," Aegon's head of equities told the Times in an interview.

Aveva shares shot up on the speculation last week but the potential deal has once again raised the prospect of a foreign firm picking off a potentially undervalued London-listed company.

A host of firms listed in the capital have been in the crosshairs of private equity in recent months, with Aveva potentially following Meggitt, Morrisons and Homeserve.

Aegon did not immediately respond to a request for comment by City A.M. yesterday.

(c) 2022 City A.M., source Newspaper