By Colin Kellaher
Aspen Technology shares moved higher Tuesday after majority investor Emerson Electric proposed buying the rest of the industrial software provider at a valuation of more than $15 billion.
Emerson, which already owns more than 57% of Aspen, said it would pay $240 in cash for each of the remaining shares, a 1% premium to Monday's closing price of $237.59 for the Bedford, Mass., company.
But Aspen shares were recently changing hands at $241, up 1.4% and above the proposed takeover price. The stock rose as high as $248 in early trading Tuesday, an indication that investors think a better buyout price may be had.
Emerson, a St. Louis industrial-automation company, noted that it isn't interested in selling its stake in Aspen.
Shares of Emerson were recently up 8.8% to $119.30 after the company posted better-than-expected quarterly results and unveiled the bid for Aspen.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
November 05, 2024 11:03 ET (16:03 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。