Rockwell Automation Inc., a leading industrial automation and information provider, said Tuesday its board of directors rejected an unsolicited takeover bid from rival Emerson. The bid, valued at more than $27 billion, undervalued the company, Milwaukee-based Rockwell Automation said.
It was the second time Emerson, the Ferguson-based conglomerate, had approached Rockwell Automation.
On Aug. 2, Emerson offered $200 a share, with half in cash and half in Emerson common stock. After that offer was rejected, Emerson on Oct. 10 raised its cash and stock offer to $215 per share, Rockwell Automation said.
In a statement, Rockwell Automation President and CEO Blake Moret said the company’s board and management “are confident in the company’s strategic direction and our ability to continue delivering superior levels of growth and value creation.”
Emerson confirmed Tuesday that it made a private offer to Rockwell Automation proposing a combination and said “no discussions are currently ongoing between the two companies.” An Emerson spokesman declined to comment beyond the statement.
Read more: St. Louis Post-Dispatch