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)

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