National Instruments

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đź’° Emerson Electric to buy National Instruments for $8.2 bln to deepen automation push

đź“… Date:

đź”– Topics: Acquisition

🏢 Organizations: Emerson, National Instruments

U.S. industrial conglomerate Emerson Electric Co (EMR.N) on Wednesday agreed to buy National Instruments Corp (NATI.O) for $8.2 billion, capping a nearly yearlong pursuit of the measurement equipment maker. The $60-per-share cash offer represents a premium of nearly 50% to National Instruments’ closing price on Jan. 12, the day before it announced a strategic review. Austin, Texas-based National Instruments’ shares rose nearly 10% to touch a record high of $57.65, while Emerson’s shares fell more than 1% to $83.1. Emerson, which had first approached National Instruments with an offer of $48 per share last May, beat out rival bidder Fortive Corp (FTV.N) in a tightly contested process late on Tuesday, according to people familiar with the matter.

Read more at Reuters