Rockwell Automation shares jumped 10% after Emerson Electric confirmed that it made an offer to buy the company.
In a statement, Rockwell Automation said its board on October 10 unanimously rejected the offer for $107.50 per share in cash, in a deal that would have been worth about $27.5 billion. Emerson separately confirmed that it made a private offer for a merger, but no discussions were ongoing.
CNBC's David Faber first reported that Emerson made multiple offers for the industrial-automation company. The most recent offer was strongly rejected, according to the report.
"The Rockwell Automation Board of Directors and management team are committed to serving the best interests of the Company and Rockwell Automation shareowners, and are confident in the Company's strategic direction and our ability to continue delivering superior levels of growth and value creation," said Blake Moret, Rockwell's CEO, in a statement.
Trading in Rockwell Automation and Emerson shares was halted for news pending.
By: Akin Oyedele (Business Insider).
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