Emerson goes public over offers to acquire National Instruments
Emerson has announced that it submitted a proposal to the board of directors of National Instruments (NI) to acquire the company for US$53 per share in cash at an implied enterprise value of $7.6 billion.
The company said it has made previous private offers to NI over a period of eight months that have been unsuccessful and is now making its intentions public.
“Although Emerson would have preferred to reach an agreement privately, given NI’s announcement that it is undertaking a strategic review, and after refusing to work with us toward a premium cash transaction over the past eight months, we are making our interest public for the benefit of all NI shareholders,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson.
“Acquiring NI is another step forward in Emerson’s journey to develop a cohesive, higher growth and higher margin portfolio and build on its global automation focus,” he continued in the announcement. “As Emerson outlined at our recent Investor Conference, we are transforming our portfolio toward higher-growth automation markets aligned with secular macro trends, which will deliver significant growth and profitability for years to come.
“We have long admired NI and believe that combining its best-in-class electronic test and measurement product and software offerings with Emerson’s industry-leading automation technology and software would enhance our ability to bring comprehensive solutions to a diverse set of end markets, accelerating growth and positioning Emerson to create significant shareholder value. We stand ready to work immediately with NI’s board and management team to reach an agreement that would provide a compelling premium and certain cash value today for all NI shareholders.”
Emerson said the proposal represents immediate and certain cash value for all NI shareholders, and a 32% premium to NI’s closing share price as of 12 January 2023. For eight months, NI has delayed and refused to engage meaningfully with Emerson, according to the published statement, and correspondence disclosed by Emerson at www.MaximizingValueAtNI.com.
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