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Emerson offers $7.6 billion for National Instruments

Business news |
By Peter Clarke


Emerson Electric Co. (Ferguson, Missouri) has made an offer of $53 per share to buy National Instruments Corp. valuing the ATE and virtual instrument company at $7.6 billion.

The proposal was submitted to NI November 3 2022 and is an improved offer over an initial $48 per share off submitted on May 25, 2022. NI has subsequently announced that it is considering its strategic options.

The latest offer represent a 32 percent premium to NI’s closing share price on January 12, 2023, the day before NI announced its strategic review.

“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, CEO of Emerson, in a statement.

Karsanbhai continued: “We have long admired NI and believe that combining its best-in-class electronic test and measurement product and software offerings with Emerson’s industry-leading automation technology and software would enhance our ability to bring comprehensive solutions to a diverse set of end markets, accelerating growth and positioning Emerson to create significant shareholder value.”

Emerson has already purchased 2.3 million shares of NI stock and has received approval to increase its stake.

NI has deployed a poison pill defence against a forced takeover.

Related links and articles:

www.emerson.com

www.ni.com

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