St. Louis-based technology firm Emerson Electric has withdrawn its recent offer for Rockwell Automation, citing the continued unwillingness of Rockwell’s board of directors to discuss merging the companies.
Emerson Chairman and Chief Executive David N. Farr expressed disappointment over Rockwell’s response to the offer, Emerson’s third attempt this year to open discussions with Rockwell about combining the companies. Still, Emerson remains confident about its future, with plans to focus on accelerating core growth through new market penetration, technology innovation and strategic bolt-on acquisitions.
Emerson also will accelerate its stock repurchase program over the next month. Over the next 12 months, the company plans to buy back up to $1 billion of its shares, Farr said in a 28 November statement.
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