The unsolicited proposal from Emerson received on October 10 to acquire Rockwell Automation was "for consideration consisting of $107.50 per share in cash and 225 million shares of Emerson common stock, valued at $107.50 per share based on Emerson's 30-day volume weighted average share price of $62.92 as of October 10, 2017," Rockwell said.
Prior to the October bid, Emerson made an unsolicited proposal on August 2 to acquire the Rockwell Automation for $200 per share, consisting of approximately half of the consideration in cash and half in Emerson common stock.
Following a review of Emerson's offers, Rockwell's board of directors unanimously decided that they were not in the best interest of the company or its shareholders.
"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," Rockwell Automation CEO Blake Moret said.
Shares of Rockwell Automation, a provider of industrial automation power, control and information solutions for manufacturers, were climbing over 5% higher, while shares of Emerson Electric, a manufacturer of electronic and electrical equipment, software, systems, and services, were lower nearly 2% in mid-morning trading on Tuesday.
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