Rockwell Automation Rejects Third Proposal From Emerson
By Imani Moise
Rockwell Automation Inc. rejected a third takeover offer from Emerson Electric Co. Wednesday, saying the unsolicited proposal undervalued the company and that Rockwell is better off on its own.
Last week Emerson sweetened its takeover offer to $225 per share, valuing Rockwell at about $28.91 billion, in a bid for the machine and software manufacturing giant. Rockwell said that based on Emerson's closing price Friday, the offer was worth about $218 per share, or a 17% premium to Rockwell's stock price before Emerson began its public pursuit of of the company. Rockwell previously rebuffed offers of $200 per share and $215 per share and refused to engage in negotiations according to people familiar with the matter.
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Corrections & Amplifications
This item was corrected at 11:31 p.m. ET to show that Rockwell Automation said that based on Emerson Electric's closing share price on Nov. 17, its offer for Rockwell was worth about $218 per share. The original incorrectly reported last week's offer worth $225 a share.
(END) Dow Jones Newswires
November 22, 2017 07:43 ET (12:43 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.