Automation-systems maker Emerson Electric on Tuesday, November 28, abandoned its bid for Rockwell Automation after its smaller rival snubbed several of its buyout offers.
Instead, Emerson said it plans to speed up the rate of share repurchases over the next month and buy back up to US$1 billion of its stock over the next 12 months.
Emerson, looking to be an industrial automation giant, first made an offer of US$200 per share for Rockwell in August. It then raised its offer twice – to US$215 per share and US$225 per share, but was rejected.
“We are disappointed that the Rockwell board refused even to discuss the potential combination of our two great companies,” Emerson Chief Executive David Farr said in a statement on Tuesday.
Full Content: Wall Street Journal
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