U.K. engineering company Invensys PLC (ISYS.LN) is braced for a
new takeover bid after a raid on its shares by U.S. activist hedge
fund ValueAct Capital, reports The Sunday Times newspaper, without
saying where it got its information.
ValueAct Capital, a key player in last year's 1.3 billion pound
($2.01 billion) break-up of U.K. software company Misys PLC, has
built a stake of just over 8% in Invensys. It's now the company's
second-biggest shareholder.
Unidentified City sources said Emerson Electric Co. (EMR), a
U.S. rival, and France's Schneider Electric SA (SU.FR) were likely
bidders. The former made an approach last year but talks fell
through, according to the report.
Invensys wasn't immediately available to comment on the report.
ValueAct Capital, Emerson and Schneider couldn't be reached for
comment.
Write to Lilly Vitorovich at lilly.vitorovich@dowjones.com;
Twitter: @LillyVitorovich