(Reuters) - Asset manager Schroders, which holds a 6.3% stake in Avast Plc, raised concerns over the London-listed firm's 6.2 billion pounds ($8.6 billion) deal to sell itself to U.S. cybersecurity company NortonLifeLock Inc, The Times newspaper reported.
Sue Noffke, Schroders' head of UK equities, told The Times the terms of Avast's sale to NortonLifeLock "materially undervalue" the London-listed group.
Last week, NortonLifeLock agreed to buy its UK rival Avast for up to $8.6 billion in cash and shares to create a leader in consumer security software.
($1 = 0.7272 pounds)
(Reporting by Kanishka Singh in Bengaluru; Editing by Chris Reese)