NEW YORK (AP) — Emerson Electric is withdrawing its latest unsolicited takeover bid for Rockwell Automation following a series of rejections from the industrial automation company.
Milwaukee-based Rockwell rejected the latest offer, saying that it undervalues the company and its prospects for growth.
Emerson's latest offer stood at $225 per share, consisting of $135 per share in cash and $90 per share in Emerson stock. The total value was about $29 billion.
In October Rockwell Automation rejected an offer then worth $215 per share, or $27.61 billion. Emerson's original bid of $200 per share was made in August.
Emerson Electric Co. CEO David N. Farr said that the company is "disappointed" in Rockwell's rejections.
Rockwell's shares dropped nearly 2 percent in Tuesday premarket trading.