Emerson is attempting to purchase National Instruments for $7.6 billion. Emerson submitted a proposal to National Instruments’ board of directors last year, valuing the company at $48 a share. This time, however, Emerson is offering to pay $53 a share. According to Emerson, the company initially reached out to National Instruments in May regarding the potential for an all-cash acquisition, but Nation Instruments was unresponsive.
Emerson is now going public with this information and speaking directly to National Instruments’ shareholders. In a press release, Emerson said, “NI shareholders should understand that for eight months they have been deprived of the opportunity to realize certain cash value at a significant premium. Emerson urges NI shareholders to engage with their Board to ensure this public strategic review process is not merely another delay tactic.”
In a recent quote, Lal Karsanbhai, President and Chief Executive Officer of Emerson, said, “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.”
