APC Sets Date for Shareholders to Vote on Merger

December 05, 2006 by Jeff Shepard

American Power Conversion Corp. (APC) announced plans for the special meeting where shareholders will consider and vote upon the company's Agreement and Plan of Merger, dated October 28, by and among Schneider Electric SA, Trianon Inc. (an indirect wholly-owned subsidiary of Schneider Electric) and APC.

Under the proposal, each share of APC common stock would be converted into the right to receive $31 in cash. APC shareholders of record at the close of business on December 6 will be entitled to receive notice of, and to vote at, the special meeting, which will be held on January 16 in New York.

A definitive proxy statement containing information about the special meeting and the proposed merger will be filed with the U.S. Securities Exchange Commission. A copy of that statement, with other voting materials and instructions, will be mailed to shareholders of record as of the record date.

Founded in 1981, American Power Conversion is a provider of uninterruptible power supplies (UPSs) and other "global, end-to-end solutions for real-time infrastructure." The company posted sales of $2.0 billion for 2005. It joined France-based Schneider Electric on Oct. 30 in announcing a definitive merger agreement under which Schneider is to acquire APC for $6.1 billion. The transaction is expected to close in the first quarter of 2007.