Automation, Inc. confirmed Tuesday it has rejected an
unsolicited proposal from Emerson to acquire the Milwaukee company.
According to a
statement from Rockwell Automation, it received the bid from Emerson
on Oct. 10 that included a plan to acquire the company for $107.50
per share in cash and 225 million shares of Emerson common stock,
valued at $107.50 per share. The Oct. 10 unsolicited proposal
follows another bid from Emerson on Aug. 2 to acquire Rockwell for
for $200 per share, with approximately half of the consideration in
cash and half in Emerson common stock.
its fiduciary duties and in consultation with its financial and
legal advisors, according to Tuesday’s statement, the Board of
Directors of Rockwell Automation carefully reviewed these proposals.
Following these respective reviews, the Rockwell Automation board of
directors unanimously determined that each of Emerson’s proposals
was not in the best interest of Rockwell Automation or its