(Reuters) -Aspen Technology said on Wednesday it had formed a special board committee to evaluate Emerson Electric’s proposal to buy the stake it does not already own in the company.
Earlier this month, Emerson proposed to buy its remaining stake in AspenTech at a valuation of $15.1 billion, as the company banks on demand from industrial automation.
The company in 2021 merged its software units with smaller rival Aspen Technology and took control of about 55% of the combined entity.
Emerson, founded a century ago, has streamlined its portfolio over the past few years to focus on technology as companies modernize their factory floors to include more automation.
AspenTech said its board chair, Robert Whelan, will serve as head of the special committee.
(Reporting by Nathan Gomes in Bengaluru; Editing by Pooja Desai and Maju Samuel)
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