Emerson is going public with a $7.6 billion bid for National Instruments, saying the company has avoided serious buyout negotiations since early last year.
FILE - A visitor views the video wall in the lobby of Emerson Electric's headquarters building in St. Louis, Wednesday, Nov. 28, 2007. Emerson is making a bid to buy National Instruments, Monday, Jan. 16, 2023 for $7.6 billion. Emerson is offering $53 per share in cash, an enhanced offer that was made in November. – Emerson Electric Co. is going public with its $7.6 billion bid for National Instruments, saying the company has avoided serious buyout negotiations since early last year.
Emerson, which makes process controls systems, valves and analytical instruments, noted that it did meet with National Instruments earlier this month, but that National Instruments shared “limited, high-level” information about its business and was unwilling to provide more detailed information. Emerson said it was told by National Instruments that would be the extent of its engagement.
The elements of each poison pill vary, but they’re all designed to give corporate boards an option to flood the market with so much newly created stock that a takeover becomes prohibitively expensive. National Instruments, which is based in Austin, Texas, said in a statement on Tuesday that it will evaluate Emerson's proposal and wants to “pursue a comprehensive strategic review process inclusive of other counterparties rather than negotiate exclusively with Emerson, which believes would be detrimental to shareholder interests.”
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