APC-Schneider deal given green light by shareholders

WEST KINGSTON – American Power Conversion Corp. shareholders approved the merger of APC with a wholly-owned subsidiary of Rueil Malmaison, France-based Schneider Electric at a special meeting Jan. 16 in New York City.
On Oct. 30, APC and Schneider Electric announced they had entered into an agreement and plan of merger. That agreement provides, among other things, for each share of APC common stock to be converted to the right to receive $31 in cash.
Founded in 1981, APC reported sales of $2 billion in 2005, the last year for which these figures have been released, and it is on the Fortune 1000, Nasdaq 100 and S&P 500.
APC and Schneider Electric said they expect their merger to close in the first quarter of 2007, pending receipt of outstanding antitrust regulatory approvals.