Rockwell board rejects acquisition proposal

Freeman Staff

Nov. 2, 2017

WAUKESHA — Rockwell 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.

Consistent with 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 shareowners.