Rockwell Automation rejects $27.6bn takeover bid from Emerson
Automation equipment manufacturer Rockwell Automation has publicly announced its rejection of a $27.6bn takeover bid from industry rival Emerson.
In a release, Rockwell stated that its Board of Directors unanimously rejected a number of proposals from Emerson, the highest one amounting to $27.6bn, stating that it was not in the best interest of the company itself or its shareholders.
"The Rockwell Automation Board of Directors and management team are committed to serving the best interests of the Company and Rockwell Automation shareowners, and are confident in the Company's strategic direction and our ability to continue delivering superior levels of growth and value creation,” said Blake Moret, President and Chief Executive Officer of Rockwell.
The decision was taken with advice from Goldman Sachs, with the firm acting as Rockwell’s financial advisor.
Whilst both Rockwell and Emerson work within the automation industry, Emerson specialises in process automation within a number of sectors including mining and cement, whilst Rockwell caters to more consumer-friendly markets such as household appliances, vehicles and computer systems.
With this in mind, the bids seemingly represent Emerson’s attempts to both diversify its operations and expand within the automation market.
Searching for the Top 100 Leaders in Technology
The search is on for the Top 100 Leaders in Technology 2021 – nominated by readers of Technology magazine and open to all.
The initiative has been launched and nominations are now open, with the final, prestigious Top 100 due to be announced during Technology and AI LIVE running 14-16 September, beamed from London to the world.
This latest, definitive list of the leading executives and influencers in the industry will be announced at the event and shared across social media channels, this website, and presented in a special supplement that honours all of those named in our annual list.
The Top 100 Leaders follows on from the well-received Top 100 Women in Technology that BizClik Media Group (BMG) – publishers of Technology magazine, AI magazine and a growing portfolio of industry-leading titles – produced in March this year to coincide with International Women’s Day.
“The Top 100 Women recognised the incredible and influential women driving our industry,” says Scott Birch, editorial director, BMG. “The success of that initiative encouraged us to recognise the Top 100 Leaders – individuals championing everything that we love about technology and embracing best practice that’s good for business.”
Nominations are already coming in, with some notable highlights including:
Rhonda Vetere - Herbalife
Bryan Smith - Expedient
Nominate your Top 100 Leader HERE
The deadline for nominations closes on Sunday 1 August 2021, and it is free to nominate. The Top 100 Leaders will be announced across our platforms and at the LIVE event.