NYSEImportant events
Jan 182023
Billion dollar beef
Emerson Electric is once again making moves to acquire National Instruments, after already having been rejected.- Industrial and software firm Emerson Electric has made a hostile offer of $6.9bn to acquire automated testing equipment manufacturer National Instruments. At $53 per share, the offer value is at a roughly 13% premium to NI’s closing share price last Friday.
- The offer caused National Instruments’ share price to shoot upwards by more than 10% yesterday. Shares in Emerson on the other hand fell by almost 7% on Tuesday. The offer’s part of Emerson’s plan to pivot to the production of automation products.
- Emerson Electric already attempted to acquire the company with a $43-per-share bid in November last year, but National Instruments said they were exploring alternative acquisition offers made by other companies. We know Emerson – rejection hurts.
Raysonho / Wikimedia Commons
Subscribe to Snaps
See the market snapshots that matter and nothing else – sent to your inbox daily. Designed to be read in 20 seconds or less.