French company to buy APC for $6.1 billion

From Reuters

French electrical equipment group Schneider Electric said it had agreed to buy American Power Conversion Corp. for about $6.1 billion in cash at $31 a share to expand in the uninterrupted power supply business.

West Kingston, R.I.-based APC was under pressure from a shareholder, Matrix Asset Advisors Inc., to sell itself because its share price did not reflect its intrinsic value. APC shares soared $6.26 to $30.02.