Shares of Bentley Systems Inc. (BSY) fell more than 7% on Wednesday after Schneider Electric announced that talks with the company over a potential strategic transaction had ended.
Schneider Electric, a French company specializing in digital automation and energy management, said in an April 19 press release that it was holding talks with Bentley Systems about a possible strategic transaction.
However, the company said Wednesday that “those discussions have now mutually ended and no transaction has been agreed upon.”
At the time of writing, BSY shares are down 7.04% to $52.73. Over the past few weeks following the April release, the company's shares had risen to over $57, the highest level since November 2021.
Schneider Electric said it “remains focused on its consistent capital allocation priorities.”
“As for inorganic development, the Group maintains that it will continue to be agile and opportunistic,” he added. “However, the Group reiterates the need for a disciplined approach to creating value for stakeholders in any potential strategic transaction.”
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