Shares in U.S. industrial-software maker PTC are up more than a third after France's Schneider Electric agreed to buy it, in a move to prepare its portfolio for industrial artificial intelligence.
The move puts PTC, the S&P 500's best performer today, on course for its largest percentage increase on record, based on data going back to 1989, according to Dow Jones Market Data.
Schneider said Monday that it offered $205 a share in cash for PTC, a 42% premium to its last closing price.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.