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