Emerson and NI engage on potential takeover
Emerson and NI (formerly National Instruments) have met to discuss the former’s acquisition proposal.
Emerson issued the following statement, “Emerson's objective with publicly disclosing our proposal to acquire NI was to ensure that the NI Board of Directors executed a fair and transparent strategic review process, and that NI's shareholders understood the credibility of our proposal. Over the course of the last week, following the public statements by Emerson and NI, we have been pleased to see engagement between the management teams and advisors for NI and Emerson. We are optimistic that the NI Board has commenced a process that we believe will lead to the sale of the company. NI has also confirmed Emerson will be a participant in that process.”
Emerson says it is committed to an acquisition of NI and is participating in the strategic review process instigated by NI before Emerson’s $53 a share bid was announced.
Emerson believes it is a compelling offer and in the best interest of Emerson and NI shareholders.
Emerson may not be alone in pursuing NI.
The US-based Dealreporter website reports that Keysight, Honeywell and Fortive, owners of Tektronix and Keithley Instruments, are also showing interest. None have made a public statement to that effect.