Rockwell Rejects $27B Takeover Bid
CBJ — Apparently $27 billion isn’t what it used to be.
Automation equipment maker Rockwell Automation has rejected an acquisition offer from rival Emerson Electric for more than $27 billion, saying the bid undervalues the company.
Emerson is said to be making a bid for its smaller rival in an effort to reduce exposure to volatile energy prices.
Emerson’s is well known worldwide for its advanced capabilities in process automation, such as helping power plants and factories in sectors like mining. Rockwell is an acknowledged leader in assembling component parts to manufacture items such as automobiles, household appliances and computer systems.
One of Rockwell’s fundamental attractions for Emerson is its advanced standing in the so-called internet of things (IoT), — technology that allows different devices and systems to communicate with each other over the internet
It’s unclear as to whether Emerson plans to sweeten its offer.