NEW YORK—Rockwell Automation is rejecting an unsolicited takeover bid from Emerson Electric, saying it’s not in the company’s best interests.
Following media reports of a deal that sent its stock soaring, the Milwaukee-based industrial automation company confirmed Tuesday that it received two offers. Shares of both companies were halted briefly.
Rockwell Automation Inc. says Emerson offered $215 per share in cash and stock earlier this month, or roughly $27.61 billion. Emerson’s original bid of $200 per share was made in August.
Emerson Electric Co. of St. Louis says talks between the companies are off.
Rockwell Automation Inc. is a major industrial automation and information technology products manufacturer. Headquartered in Milwaukee, Wis., Rockwell Automation employs approximately 22,000 people serving customers in more than 80 countries.