- Emerson Electric raised its bid for Rockwell Automation to $US29 billion.
- It’s the company’s third attempt to buy Rockwell.
Emerson is now proposing to pay Rockwell about $US29 billion, a 4.7% increase over its $US27.6 billion offer last month, which was rejected. This marks the third time Emerson has approached Rockwell with new deal terms.
The new offer is to acquire all outstanding shares of Rockwell for $US225 apiece, consisting of $US135 per share in cash and $US90 per share in Emerson shares.
Since Rockwell is a major supplier of software and controls for assembly lines, the deal would bolster Emerson’s operations in the area and help improve the company’s position in the automation market.
“The industrial logic for this combination is clear. A combination of Emerson and Rockwell would create a leader in the $US200 billion global automation market,” Emerson said in a statement.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.