Rockwell Automation shares jumped 10% after Emerson Electric confirmed that it made an offer to buy the company.
In a statement, Rockwell Automation said its board on October 10 unanimously rejected the offer for $107.50 per share in cash, in a deal that would have been worth about $27.5 billion. Emerson separately confirmed that it made a private offer for a merger, but no discussions were ongoing.
CNBC's David Faber first reported that Emerson made multiple offers for the industrial-automation company. The most recent offer was strongly rejected, according to the report.
Trading in Rockwell Automation and Emerson shares was halted for news pending.
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