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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.