• Tue. Feb 27th, 2024

Investors Are Pulling The Plug On Emerson Electric Shares Today: What’s Going On?

ByAdam Eckert

Jan 17, 2023
Investors Are Pulling The Plug On Emerson Electric Shares Today: What's Going On?

Emerson Electric Co EMR shares are trading lower Tuesday after the company announced a proposal to acquire National Instruments Corp NATI.

What Happened: Emerson Electric said it submitted a proposal to the National Instruments board to acquire the company for $53 per share in cash. The offer implies an enterprise value of $7.6 billion.

Emerson previously submitted an offer to acquire National Instruments for $48 per share in May 2022.

“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,” said Lal Karsanbhai, president and CEO of Emerson Electric.

Emerson said it aims to transform its portfolio toward higher-growth automation markets aligned with secular macro trends, which the company expects will deliver significant growth and profitability for years to come.

Related Link: Emerson Discloses $7.6B Offer For National Instruments – Reveals Several Private Attempts Made Over Last Eight Months

EMR Price Action: Emerson has a 52-week high of $100 and a 52-week low of $72.41.

The stock is down 5.66% at $92.38 at time of publication. According to Benzinga Pro, National Instruments shares are up nearly 14%.

Photo: ldyshah from Pixabay.

Image and article originally from www.benzinga.com. Read the original article here.