Emerson is boosting its takeover offer for Rockwell Automation Inc. to about $29 billion, after a previous offer of $27.6 billion was rebuffed last month.
Emerson, the Ferguson-based maker of factory automation equipment, on Thursday offered $225 per share, comprising $135 per share in cash and $90 per share in Emerson stock.
The latest offer is Emerson’s third for Rockwell Automation.
Rockwell’s shares were up 7 percent at $202 in premarket trading but still well below the offer price. Emerson’s shares were down about 2 percent at $58.50.
Milwaukee, Wis.-based 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.
Read more: St. Louis Post-Dispatch