By Denny Jacob
Elliott Investment Management comes out against Aspen Technology's deal with Emerson Electric.
"Emerson's offer is highly opportunistic and substantially undervalues the company," said Elliott, which described itself as Aspen's largest minority investor. "Elliott has no intention of tendering its shares at the current price."
Emerson in January agreed to acquire the remaining stock of Aspen in a deal valuing the software company's remaining stake at $7.2 billion.
Emerson, an automation technology company, is set to acquire the remaining minority shares, representing about 43% of the company's stock at a price of $265 a share, the companies said at the time.
Emerson owns about 57% of Aspen's stock after it made an investment in 2022 where it acquired a 55% majority position.
The transaction is expected to close in the first half of this year.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
February 07, 2025 09:24 ET (14:24 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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