Rockwell Automation Inc. confirmed this week that its board of directors rejected a takeover bid valued at more than $27 billion from Emerson Electric Co., the St. Louis-based conglomerate that owns InSinkErator in Racine and Vilter Manufacturing in Cudahy.
In a press release, Rockwell said it received a bid from Emerson to acquire Rockwell Automation for consideration of $215 per share in cash and Emerson stock, or nearly $27.6 billion. That proposal followed an earlier bid of $200 per share in cash and common stock, or about $25.7 billion.
Milwaukee-based Rockwell, a manufacturer of industrial automation equipment and provider of automation software with 2016 sales of $5.9 billion, said the board reviewed the proposals in consultation with financial and legal advisers and determined that neither offer was in the best interest of the company or its shareholders.
“The Rockwell Automation Board of Directors and management team are committed to serving the best interests of the company and Rockwell Automation shareowners, and are confident in the company’s strategic direction and our ability to continue delivering superior levels of growth and value creation,” Blake Moret, president and chief executive officer, said in a press release.
Goldman, Sachs & Co. is acting as financial adviser and Wachtell Lipton Rosen & Katz is acting as legal adviser to Rockwell Automation.