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Emerson Electric Co., a U.S. engineering and industrial software company, announced a nearly $7 billion offer for National Instruments Corp., which it had been attempting to acquire unsuccessfully for some months.
The software company’s all-cash bid of $53 per share, first made to NI on Nov. 3, marks a 13% premium over NI’s Friday closing. In early morning trade, NI shares reached a record high of $54.69, while Emerson sank 5%.
Emerson stated that it first approached NI in May of last year with a $48 per share offer and that it is ready to nominate directors to NI’s board before the Jan. 27 deadline.
“After refusing to work with us toward a premium cash transaction over the past eight months, we are making our interest public for the benefit of all NI shareholders,” said the CEO of Emerson, Lal Karsanbhai.
Following another round of back-and-forth between the two businesses, NI informed Emerson in November that it had formed a “working committee of its board” to study the enhanced offer and explore possibilities with the assistance of its consultants.
“In the more than two months since, NI continued to resist engaging meaningfully with Emerson to work toward an agreement,” according to Emerson.
Emerson has also already purchased 2.3 million NI shares and has secured regulatory approval to grow its holding, according to the business.
NI stated in a separate statement that it has chosen to pursue a, “comprehensive review” that would include interest from other potential buyers, “rather than negotiate exclusively with Emerson, which NI believes would be detrimental to shareholder interests.”
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Image and article originally from insightssuccess.com. Read the original article here.