Aspen Technology's (AZPN) largest minority investor Elliott Investment Management said Friday it does not intend to tender its shares at the current price in connection with Emerson Electric's (EMR) proposed acquisition of all Aspen shares it does not already own.
Elliott said it disagrees with Aspen's decision to support Emerson's $265 per-share tender offer.
The offer of Emerson, Aspen's majority stockholder, "is highly opportunistic and substantially undervalues" Aspen, Elliott said.
Aspen and Emerson did not immediately respond to requests for comment from MT Newswires.
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