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.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。