U.S. engineering and industrial software company Emerson Electric Co on Tuesday disclosed a nearly $7 billion offer for National Instruments Corp , which it has been trying to buy unsuccessfully for several months.
The software firm's all-cash bid of $53 per share, which was first submitted to NI on Nov. 3, represents a premium of about 13% to NI's close on Friday. Shares of NI hit a record high of $54.69 in early morning trade on Tuesday, while Emerson fell 5%., after the latter announced a strategic review and adopted a so-called "poison pill".
"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, CEO of Emerson.
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