Emerson Electric Offers to Buy National Instruments in $7.6 Billion Deal
17 Janeiro 2023 - 9:58AM
Dow Jones News
By Dean Seal
Emerson Electric Co. has submitted a bid to acquire National
Instruments Corp. for $53 a share at an implied enterprise value of
$7.6 billion.
The St. Louis-based technology and engineering company said
Tuesday that the all-cash offer provides a 32% premium over
National Instruments's closing price from last Thursday, the day
before National Instruments said its board was evaluating strategic
alternatives and had already been approached by potential
acquirers.
Emerson said its proposal was submitted on Nov. 3 and improved
upon an initial $48-per-share bid from May 25. Emerson also said it
has tried to engage privately with the Texas-based equipment and
instrumentation company since last May about a potential deal, but
to no avail.
"Although Emerson would have preferred to reach an agreement
privately, given NI's announcement that it is undertaking a
strategic review, and 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,"
Emerson Chief Executive Lal Karsanbhai said.
A representative for National Instruments didn't immediately
respond to a request for comment.
Shares of National Instruments jumped 14% to $53.73 in premarket
trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
January 17, 2023 07:43 ET (12:43 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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