Emerson, a manufacturer of electronic and electrical equipment, software, systems and services, said on Tuesday that it has withdrawn its proposed bid to acquire Rockwell Automation for $225 per share.
The decision comes as the board of directors on Rockwell, a provider of industrial automation power, control and information solutions for manufacturers, has proven unwilling to engage with Emerson regarding a potential deal.
"The Rockwell Board again rejected our offer, which would have delivered approximately $30 billion of value to Rockwell shareholders," said Emerson Chairman and CEO David N. Farr. "We are disappointed that the Rockwell Board refused even to discuss the potential combination of our two great companies. Instead of engaging in constructive dialogue, the Rockwell Board decided to let this unique and value-generative opportunity go unexplored."
Shares of Emerson were higher over 2.5%, while shares of Rockwell were sinking lower during Tuesday morning trading.
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