Emerson, the Ferguson-based factory automation manufacturer, on Tuesday withdrew its offer to buy Rockwell Automation Inc. after the smaller rival rebuffed its buyout offer twice.
Rockwell has resisted Emerson’s overtures not just because of disagreements over price, but also because it has argued that the combined company’s industrial customers would be worse off due to its products no longer being available on a single platform and in one software environment.
Shares of Rockwell slipped 2 percent in pre-market trade. Emerson shares were up 1 percent.
Emerson said it plans to speed up the rate of stock repurchases over the next month and buy back up to $1 billion over the next 12 months.
Read more: St. Louis Post-Dispatch