The St. Louis-based company submitted the offer on Nov. 3 but its effort to communicate with NI’s board failed to generate much of a response. Emerson first offered $48 per share for NI on May 25.
“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, CEO of Emerson.
Emerson urges NI shareholders to engage with their board to ensure the strategic review process is not a delay tactic.
They should “understand that for eight months they have been deprived of the opportunity to realize certain cash value at a significant premium,” said Emerson.
Emerson’s price represents a 32 percent premium over NI’s Jan. 12 closing price—the day prior to the strategic review announcement.
NI says it will evaluate Emerson’s $7.6B takeover offer as part of its strategic review process.
Joele Frank, Wilkinson Brimmer Katcher has Jim Golden, Joseph Sala and Tanner Kaufman handling Emerson.
FGS Global’s John Christiansen, Pete Siwinski and Danya Al-Qattan represent National Instruments.