NEW YORK (AP) — Rockwell Automation is rejecting an unsolicited takeover bid from Emerson Electric, saying it's not in the company's best interests.
Following media reports of a deal that sent its stock soaring, the Milwaukee industrial automation company confirmed Tuesday that it received two offers. Shares of both companies were halted briefly.
Rockwell Automation Inc. says Emerson offered $215 per share in cash and stock earlier this month, or roughly $27.61 billion. Emerson's original bid of $200 per share was made in August.
Emerson Electric Co. of St. Louis says talks between the companies are off.