Emerson Issues Statement at Launch of AspenTech Tender Offer
Emerson (NYSE: EMR) has responded to Elliott Investment Management's statement regarding its tender offer to acquire all outstanding shares of AspenTech (NASDAQ: AZPN) not already owned by Emerson. The offer stands at $265 per share in cash, representing Emerson's best and final price following three months of negotiations with AspenTech's Special Committee.
The offer, set to expire on March 10, 2025, requires a majority of minority shares to be tendered for completion. The AspenTech Special Committee, comprising three independent directors, unanimously recommends the transaction as superior to AspenTech's standalone prospects. If the tender offer expires without meeting the majority condition, Emerson will maintain its existing majority ownership stake in AspenTech, which would remain a publicly-traded controlled company.
Emerson (NYSE: EMR) ha risposto alla dichiarazione di Elliott Investment Management riguardo alla sua offerta pubblica di acquisto per acquisire tutte le azioni in circolazione di AspenTech (NASDAQ: AZPN) non già possedute da Emerson. L'offerta è fissata a 265$ per azione in contante, rappresentando il miglior e ultimo prezzo di Emerson dopo tre mesi di trattative con il Comitato Speciale di AspenTech.
L'offerta, che scade il 10 marzo 2025, richiede che una maggioranza delle azioni di minoranza sia presentata per il completamento. Il Comitato Speciale di AspenTech, composto da tre direttori indipendenti, raccomanda all'unanimità la transazione come superiore alle prospettive autonome di AspenTech. Se l'offerta scade senza che venga soddisfatta la condizione di maggioranza, Emerson manterrà la sua attuale partecipazione azionaria di maggioranza in AspenTech, che rimarrà una società controllata quotata in borsa.
Emerson (NYSE: EMR) ha respondido a la declaración de Elliott Investment Management sobre su oferta pública de adquisición para adquirir todas las acciones en circulación de AspenTech (NASDAQ: AZPN) que ya no son propiedad de Emerson. La oferta se establece en 265$ por acción en efectivo, representando el mejor y último precio de Emerson tras tres meses de negociaciones con el Comité Especial de AspenTech.
La oferta, que expirará el 10 de marzo de 2025, requiere que se presenten la mayoría de las acciones de minoría para su finalización. El Comité Especial de AspenTech, compuesto por tres directores independientes, recomienda unánimemente la transacción como superior a las perspectivas independientes de AspenTech. Si la oferta expira sin cumplir con la condición de mayoría, Emerson mantendrá su participación actual de mayoría en AspenTech, que seguiría siendo una empresa cotizada y controlada.
엠슨(Emerson)(NYSE: EMR)은 엘리엇 투자 관리(Elliott Investment Management)의 성명에 대해 답변하였습니다. 이 성명은 엠슨이 보유하지 않은 모든 아스펜텍(AspenTech)(NASDAQ: AZPN)의 발행 주식을 인수하기 위한 공개 제안과 관련된 것입니다. 해당 제안은 현금으로 주당 265달러로 제안되며, 이는 아스펜텍 특별 위원회와의 3개월 간의 협상 이후 엠슨이 제시한 가장 우수하고 최종 가격을 나타냅니다.
이 제안은 2025년 3월 10일에 만료되며, 완료를 위해서는 소수 주식의 과반수가 제출되어야 합니다. 아스펜텍 특별 위원회는 세 명의 독립 이사로 구성되어 있으며, 독립적으로 아스펜텍의 독자적인 전망보다 거래가 우수하다고 전원 일치하여 추천합니다. 만약 만약 제안이 과반수 조건을 충족하지 않고 만료된다면, 엠슨은 아스펜텍의 기존 과반수 지분을 유지할 것이며, 아스펜텍은 여전히 상장된 통제 회사로 남아있게 됩니다.
Emerson (NYSE: EMR) a répondu à la déclaration d'Elliott Investment Management concernant son offre publique d'achat pour acquérir toutes les actions en circulation d'AspenTech (NASDAQ: AZPN) non déjà détenues par Emerson. L'offre est fixée à 265 $ par action en espèces, représentant le meilleur et dernier prix d'Emerson après trois mois de négociations avec le Comité Spécial d'AspenTech.
L'offre, qui expirera le 10 mars 2025, nécessite qu'une majorité des actions de minorité soit soumise pour son achèvement. Le Comité Spécial d'AspenTech, composé de trois administrateurs indépendants, recommande à l'unanimité la transaction comme étant supérieure aux perspectives autonomes d'AspenTech. Si l'offre expiue sans satisfaire la condition de majorité, Emerson conservera sa participation actuelle de majorité dans AspenTech, qui restera une société contrôlée cotée en bourse.
Emerson (NYSE: EMR) hat auf die Erklärung von Elliott Investment Management reagiert, die sich auf ihr Übernahmeangebot bezieht, alle im Umlauf befindlichen Aktien von AspenTech (NASDAQ: AZPN) zu erwerben, die nicht bereits im Besitz von Emerson sind. Das Angebot liegt bei 265 $ pro Aktie in bar und stellt den besten und endgültigen Preis von Emerson nach drei Monaten Verhandlungen mit dem Sonderausschuss von AspenTech dar.
Das Angebot, das am 10. März 2025 abläuft, erfordert, dass die Mehrheit der Minderheitsaktien für den Abschluss angeboten wird. Der Sonderausschuss von AspenTech, der aus drei unabhängigen Direktoren besteht, empfiehlt einstimmig die Transaktion als überlegen gegenüber den eigenständigen Aussichten von AspenTech. Sollte das Übernahmeangebot ohne Erfüllung der Mehrheitsbedingung auslaufen, wird Emerson seine bestehende Mehrheitsbeteiligung an AspenTech beibehalten, das weiterhin ein börsennotiertes kontrolliertes Unternehmen bleibt.
- Unanimous recommendation from AspenTech's Special Committee
- All-cash transaction providing immediate liquidity to shareholders
- Premium offer price of $265 per share
- Fixed offer price with no room for negotiation
- Risk of deal failure if majority of minority condition not met
- Potential for AspenTech to remain a controlled company with minority shareholder influence
Insights
This tender offer represents a pivotal moment in Emerson's strategic evolution. The
Several key aspects warrant careful attention: First, Emerson's firm stance on price and timing indicates strong conviction in their valuation model and suggests they've identified significant synergistic value that justifies the premium. The three-month negotiation period with the Special Committee adds credibility to the price discovery process.
The emergence of Elliott Investment Management as a vocal stakeholder introduces a complex dynamic. Their involvement, typically associated with activist investing, could influence other minority shareholders' decisions. However, Emerson's pre-existing majority ownership and governance rights create a unique leverage position - they can effectively maintain status quo if the tender fails, potentially leaving other shareholders with reduced liquidity and strategic alternatives.
The structure requiring majority-of-minority approval is particularly noteworthy. This mechanism, while providing minority shareholder protection, also creates a binary outcome that could impact AspenTech's trading dynamics leading up to the March 10 deadline. The lack of extension provisions and Emerson's stated intention to maintain their stake if unsuccessful adds pressure on shareholders to make a definitive decision.
For Emerson, this transaction aligns with broader industry trends toward integrated industrial software solutions. Full ownership would enable deeper integration of AspenTech's capabilities into Emerson's portfolio and potentially accelerate innovation in critical areas like process optimization and industrial automation.
Compelling and certain value of
Emerson issued the following statement:
The tender offer provides AspenTech minority stockholders the opportunity to tender their shares at a compelling and certain value of
Emerson believes that the AspenTech Special Committee, comprised of three AspenTech independent directors, has significantly greater knowledge of AspenTech and its outlook than a short-term stockholder who has acquired stock in AspenTech for the purpose of merger arbitrage. AspenTech has filed with the SEC a Schedule 14D-9 solicitation and recommendation statement explaining the comprehensive rationale for the recommendation of the Special Committee and the board of directors of AspenTech that stockholders tender into Emerson's tender offer.
Emerson is a disciplined acquiror and will only pursue transactions that are in the best interests of its shareholders and aligned with Emerson's strategic and financial acquisition criteria. AspenTech stockholders should make their decision to tender understanding the economic terms of the transaction will not change and there is no assurance that Emerson will extend its tender offer should the terms or conditions of the definitive agreement not be met, including the condition that a majority of the minority shares outstanding be tendered in order for the transaction to be consummated. Should the tender offer expire without the majority of the minority condition being met, Emerson has no interest in a disposition or sale of its holdings and will maintain its majority ownership stake in and governance rights related to AspenTech, which will remain a publicly-traded controlled company.
The terms and conditions of the tender offer are fully described in the "Offer to Purchase" and in the Letter of Transmittal that was distributed to AspenTech stockholders and filed with the Securities and Exchange Commission. The all-cash tender offer is set to expire on March 10, 2025, assuming the minimum required number of shares are tendered.
Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Emerson, and Davis Polk & Wardwell LLP is serving as legal advisor. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Emerson.
About Emerson
Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world's essential industries. Through its leading automation portfolio, including its majority stake in AspenTech, Emerson helps hybrid, process and discrete manufacturers optimize operations, protect personnel, reduce emissions and achieve their sustainability goals. For more information, visit Emerson.com.
FORWARD-LOOKING STATEMENTS
This communication contains forward-looking statements related to Emerson, AspenTech and the proposed acquisition by Emerson of the outstanding shares of common stock of AspenTech that Emerson does not already own that are subject to risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the companies and members of their senior management team. Forward-looking statements include, without limitation, statements regarding the business combination and related matters, prospective performance and opportunities, post-closing operations and the outlook for the companies' businesses, including, without limitation, future financial results, synergies, growth potential, market profile, business plans and expanded portfolio; the competitive ability and position of the combined company; filings and approvals relating to the proposed transaction; the ability to complete the proposed transaction and the timing thereof; difficulties or unanticipated expenses in connection with integrating the companies; and any assumptions underlying any of the foregoing. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: (1) the risk that the non-waivable condition that at least a majority of the AspenTech common stock held by minority stockholders be tendered is not met; (2) the risk that a transaction with AspenTech may not otherwise be consummated; (3) uncertainties as to the timing of the tender offer and merger; (4) the possibility that competing offers will be made; (5) the possibility that various closing conditions to the proposed transaction may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction or may require conditions, limitations or restrictions in connection with such approvals; (6) unexpected costs, charges or expenses resulting from the proposed transaction; (7) uncertainty of the expected financial performance of AspenTech following completion of the proposed transaction; (8) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction; (9) inability to retain and hire key personnel; (10) the occurrence of any event that could give rise to termination of the proposed transaction; (11) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (12) evolving legal, regulatory and tax regimes; (13) changes in economic, financial, political and regulatory conditions, in
ADDITIONAL INFORMATION AND WHERE TO FIND IT
This communication is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell shares of AspenTech, nor is it a substitute for any tender offer materials that Emerson, Emersub CXV, Inc. ("Purchaser") or AspenTech have filed with the SEC. Emerson and Purchaser have filed a Tender Offer Statement on Schedule TO with the SEC containing an offer to purchase all of the outstanding shares of common stock of AspenTech not already owned by Emerson for
In addition to the Offer to Purchase, the related Letter of Transmittal and certain other tender offer documents, the Schedule 13E-3 as well as the Solicitation/Recommendation Statement, Emerson and AspenTech file annual, quarterly and current reports, proxy statements and other information with the SEC. Emerson's and AspenTech's filings with the SEC are also available for free to the public from commercial document-retrieval services and at the website maintained by the SEC at www.sec.gov.
Contacts
Investors
Colleen Mettler
314-553-2197
Media
Joseph Sala / Greg Klassen / Connor Murphy
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
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SOURCE Emerson
FAQ
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