Emerson Electric unveils hostile $7 billion bid for National Instruments
Summary
Jan 17 (Reuters) - U.S. engineering and industrial software company Emerson Electric Co (EMR.N) on Tuesday disclosed a nearly $7 billion offer for National Instruments Corp (NATI.O), which it has been trying to buy unsuccessfully for several months. "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," said Lal Karsanbhai, CEO of Emerson. In November after another round of back-and-forth between the two companies, NI told Emerson that it had created a "working group of its board" to examine the improved offer and explore options with the help of its advisers. Emerson has been involved in a string of deals over the last few years to pivot itself as a provider of automation products and services, and the offer to buy NI is a fresh multi billion-dollar bet in that direction. Last year, Emerson also sold its division that makes waste disposal equipment and hot water dispensers to Whirlpool Corp (WHR.N) and merged its software units with smaller rival Aspen Technology (AZPN.O).
