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St. Louis Post-Dispatch
St. Louis Post-Dispatch
Annika Merrilees

Emerson Electric makes $7.6 billion offer on Texas automation company

Emerson (Organization) National Instruments NI (Organization)

Emerson is making a play to buy a Texan company, despite rebuffs from its leadership, in a $7.6 billion deal.

Ferguson, Missouri-based Emerson has attempted to strike a deal to buy National Instruments since May, but the company rejected Emerson's offers, so on Tuesday Emerson CEO Lal Karsanbhai appealed to National Instruments' shareholders.

Emerson, he wrote, has "long admired NI," and "would have preferred to reach an agreement privately."

"We stand ready to work immediately with NI's Board and management team to reach an agreement that would provide a compelling premium and certain cash value today for all NI shareholders," Karsanbhai wrote.

The proposal contemplates a $53 per share cash purchase, for a total value of $7.6 billion.

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