Aspen Technology (AZPN) said its board has formed a special committee to review a non-binding acquisition proposal from Emerson Electric (EMR), which owns 57.4% of Aspen's common shares.

The companies said earlier this month that Emerson had offered to pay $240 per share in cash for the remaining Aspen shares.

Aspen said Wednesday that the committee consists of three independent directors, including Board Chair Robert Whelan Jr., who will lead the group.