Fortune 500 company Emerson has issued a statement regarding its all-cash proposal to acquire National Instruments Corp. for $53 per share.
National Instruments produces automated test equipment and virtual instrumentation software, and is headquartered in Austin, Texas, USA.
According to Emerson, the objective with publicly disclosing their proposal to acquire NI was to ensure that the NI Board of Directors executed a fair and transparent strategic review process, and that NI’s shareholders understood the credibility of the proposal.
Emerson also revealed the company is optimistic that the NI Board has now commenced a process that will lead to the sale of the company. NI has also confirmed Emerson will be a participant in that process.
“Emerson has decided to proceed in its pursuit of acquiring NI without nominating its selected Independent Directors for election to NI’s Board at its upcoming Annual Meeting of Stockholders.
“Emerson is committed to an acquisition of NI and is participating in the strategic review process. We believe our premium all-cash proposal at $53 a share, with no financing conditions or anticipated regulatory concerns, is compelling and in the best interest of Emerson and NI shareholders. We look forward to continued engagement with NI and its advisors and moving swiftly towards an agreed transaction.”
Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Emerson and Davis Polk & Wardwell LLP and Sidley Austin LLP are serving as legal advisors.
