Aspen Technology Board to Assess Emerson Electric Takeover Bid

Dow Jones

2024-11-06

By Sabela Ojea

Aspen Technology said its board of directors would review an unsolicited takeover offer from Emerson Electric which values the industrial-software company at an enterprise value of $15.1 billion.

Aspen on Tuesday received the unsolicited offer from Emerson priced at $240 a share for the outstanding shares of common stock the maker of electrical, laboratory and engineering components doesn't already own. Emerson and its affiliates currently own 57.4% of Aspen's outstanding common shares.

Emerson's proposal represents a 35% premium to the company's undisturbed share price of $177.84 on Aug. 6, the date prior to Emerson's earnings call, when speculation began in the market.

"The board of directors of AspenTech will follow an appropriate governance process and carefully review the proposal," the company said.

Before the market opened on Tuesday, Emerson said the takeover would strengthen its automated-software portfolio and provide cost efficiencies.

Emerson also said it anticipates the deal to be neutral to earnings for the year ending September 2025.

Write to Sabela Ojea at sabela.ojea@wsj.com

(END) Dow Jones Newswires

November 05, 2024 18:47 ET (23:47 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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