Emerson sweetens bid for Rockwell Automation to $29 billion
Emerson Electric Co boosted its offer to buy Rockwell Automation Inc to about $29 billion, after its previous bid of $27.6 billion was rebuffed last month.
Emerson`s latest offer is for $225 per share, comprising $135 per share in cash and $90 per share in Emerson stock.
Rockwell`s shares were up 10.2 percent at $208 in premarket trading, while Emerson`s were down about 1 percent at $59.14.
Rockwell had rejected a $215 per share bid from Emerson in October, split in half between cash and shares. In November, Rockwell defended its strategy to operate as a standalone company.
"The industrial logic for this combination is clear. A combination of Emerson and Rockwell would create a leader in the $200 billion global automation market," Emerson said in a statement.
Rockwell was not immediately available for comment.
Emerson`s strength is in process automation, helping power plants and factories in sectors such as mining and cement operate more efficiently.
Rockwell is a leader in so-called discrete automation, helping assemble component parts to manufacture items such as automobiles, household appliances and computer systems.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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