Rockwell rejects another Emerson bid

Commercial Products | Milwaukee, WI

For the second time in a month and the third time this year, Rockwell Automation has turned down a takeover bid from rival industrial automation company Emerson Electric. Emerson offered to pick up Rockwell in a $29 billion deal after having a previous $27.5 billion bid spurned, but Rockwell's board reiterated its commitment to the company's strategic plan. The company's revenue rose in its fiscal 4Q from $1.54 billion last year to $1.67 billion this year, a YoY gain of 8.4%. Shares of Emerson (NYSE: EMR) gained 3% Wednesday.

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