Rockwell Automation rejects Emerson takeover bid
Rockwell Automation Inc. confirmed that it recently rejected an unsolicited proposal from Emerson to acquire the company.
Under the proposal received Oct. 10, Emerson would have paid Rockwell Automation shareholders $107.50 per share in cash and 225 million shares of Emerson common stock. Rockwell Automation noted that the proposal followed an unsolicited proposal from Emerson on Aug. 2 to acquire the company for $200 per share, with approximately half of the consideration in cash and half in Emerson common stock.
Rockwell Automation stock closed at $187 per share on Oct. 30.
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.
Blake D. Moret, president and chief executive officer, said, "The Rockwell Automation board of directors and management team are committed to serving the best interests of the company and Rockwell Automation shareowners, and are confident in the company's strategic direction and our ability to continue delivering superior levels of growth and value creation."
Goldman, Sachs & Co. is acting as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Rockwell Automation.
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