Emerson sweetens bid for Rockwell Automation to $29 billion
Greg Roumeliotis for Reuters: U.S. industrial automation equipment company Emerson Electric Co raised its cash-and-stock offer to acquire Rockwell Automation Inc to $29 billion on Thursday, ratcheting up pressure on its smaller peer to engage in deal talks.
The new offer follows Rockwell’s rejections of Emerson’s overtures for much of this year. Rockwell’s CEO Blake Moret said last week he wanted to stick with delivering the company’s factory automation equipment on one platform.
“As it did with Emerson’s prior proposals... the board of directors of Rockwell Automation will carefully review Emerson’s proposal to determine the course of action that it believes is in the best interest of the company and Rockwell Automation shareowners,” Rockwell said in a statement on Thursday.
Rockwell shares were up 4.7 percent at $197.57. Emerson shares were up 0.2 percent at $59.25, giving the company a market capitalization of $38 billion.
Milwaukee, Wisconsin-based Rockwell said last month it had rejected a $215-per-share bid from Emerson, split in half between cash and shares. Full Article:
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