(Reuters) – Emerson Electric made a proposal on Tuesday to acquire the remaining outstanding shares of common stock of AspenTech for $240 per share in cash.
Emerson has 55% majority share in AspenTech, which it acquired in 2022.
Shares of the company rose about 4% in premarket trade.
St. Louis, Missouri-based Emerson, founded a century ago selling fans and electric motors, has made a string of acquisitions and divestments over the past few years to reposition itself as a technology-focused company.
The company also said it commenced a process to explore strategic alternatives, including a cash sale, for its Safety & Productivity unit, which comprises the remaining businesses not related to its automation portfolio.
(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)
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