Emerson Electric's (EMR) bid to acquire all the shares of Aspen Technology (AZPN) it does not already own is "unfair" to AspenTech shareholders, said minority investor Elliott Investment Management Wednesday, vowing to fight the proposal.

AspenTech's board said last month it agreed to a $265 per share all-cash acquisition by Emerson, which already owns a majority stake in the company.

Elliot, an activist investment firm founded by billionaire Paul Singer, said that it manages funds that have a more than $1.5 billion stake in Aspen.

Elliot called Emerson's acquisition proposal "the result of a conflicted and deeply flawed process, bearing all the hallmarks of an opportunistic minority squeeze-out."

"This transaction is unfair to minority stockholders, and we intend to pursue all appropriate remedies against Emerson," Elliot said.

Emerson and AspenTech did not immediately reply to MT Newswires' requests for comment.