The factory automation maker withdrew its $29 billion offer for Rockwell Automation after being rejected twice. Fred Katayama reports.
Emerson Electric throws up its hands. It's withdrawing its $29 billion bid for Rockwell Automation. This comes after Emerson got rejected twice despite upping its ante. The factory automation maker said it's taking back its offer over what it called Rockwell's "unwillingness to engage in discussions." Rockwell's shares fell at the market open Tuesday while Emerson's rose. RBC Capital Markets analyst Deane Dray said, "There is still a chance that this M&A story could get resurrected at some point, but the fortune of the two companies would have to materially change from the current valuation and outlook." Rockwell's board said the deal wasn't in the best interests of the company and its shareholders. Emerson said it will accelerate repurchases of its stock over the next month and buy back up to $1 billion over the next 12 months.