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Emerson Electric unveils hostile $7 billion bid for National Instruments

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U.S. engineering and industrial software company Emerson Electric Co on Tuesday disclosed a nearly $7 billion offer for National Instruments Corp , which it has been trying to buy unsuccessfully for several months.

The software firm's all-cash bid of $53 per share, which was first submitted to NI on Nov. 3, represents a premium of about 13% to NI's close on Friday. Shares of NI hit a record high of $54.69 in early morning trade on Tuesday, while Emerson fell 5%., after the latter announced a strategic review and adopted a so-called "poison pill".

"After refusing to work with us toward a premium cash transaction over the past eight months, we are making our interest public for the benefit of all NI shareholders," said Lal Karsanbhai, CEO of Emerson.

 

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Emerson reveals $7.6 billion bid for National InstrumentsNEW YORK (AP) — 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. Emerson bumped up its cash offer for the maker of scientific measuring equipment and software to $53 per share in November, up from a per-share offer of $48 that it had made back in May.
Source: AP - 🏆 728. / 51 Read more »