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Joele Frank handles Emerson as it goes public with its $53 per share takeover offer for National Instruments in its effort to forge a global automation powerhouse. FGS Global works for NI.
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.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
