Emerson Electric Co. Chief Executive Officer David Farr made a third proposal to buy Rockwell Automation Inc., sweetening the deal by 4.7 percent as he seeks to cobble together a one-stop shop for industrial automation.
The cash-and-stock offer of $225 a share values Rockwell Automation at about $29 billion. That represents a 30 percent premium to the 90-day volume-weighted average share price as of Oct. 30, Emerson said in a statement Thursday.
The Milwaukee-based company twice has rejected Emerson offers – at $200 a share in August and $215 a share in October – as Rockwell maintained it was better off alone with a successful Logix product that gives customers a single software platform to build on instead of learning multiple ones. The company has attempted to move into process automation, where Emerson has a stronghold, to accelerate growth.
Rockwell said it had received the proposal and would respond in due course.