Rockwell Automation Board of Directors Unanimously Rejects Unsolicited Proposal from Emerson

Rockwell

November 24, 2017

Rockwell Automation, Inc. has announced that its Board of Directors has unanimously rejected Emerson’s unsolicited proposal to acquire Rockwell Automation received on November 16, 2017.

The Rockwell Automation Board of Directors, in consultation with its financial and legal advisors, has thoroughly considered Emerson’s November 16, 2017 proposal and has unanimously determined that it is not in the best interests of Rockwell Automation and its shareowners. Emerson’s proposal undervalues Rockwell Automation and its prospects for continued growth and value creation, presents significant long-term risk for Rockwell Automation’s shareowners, and would create a company that is not well-positioned to compete successfully in the evolving market. The Board believes that continuing to execute Rockwell Automation’s successful strategy, which is generating extraordinary returns for the Company’s shareowners, will create greater long-term value than pursuing Emerson’s proposal.

Blake D. Moret, president and chief executive officer, said, “The Rockwell Automation Board and management team are confident in the Company, our strategic direction, and our ability to continue delivering exceptional shareowner returns and value creation in excess of Emerson’s proposal, particularly given the weakened position and dis-synergies that would result from combining our two organizations, and the risks associated with Emerson’s stock-based currency.

“Bigger is not always better for driving growth and value creation. While Emerson may see this proposed acquisition as necessary to enhance its growth and earnings potential and expand its capabilities in the industrial automation and information market, Rockwell does not. We have the talent, the technology, the culture and the resources necessary to continue raising the bar, exceeding our customers’ expectations and creating superior value for Rockwell Automation shareowners.”

Read the full lettter from Rockwell Automation to Emerson here: https://ir.rockwellautomation.com/press-releases/press-releases-details/2017/Rockwell-Automation-Board-of-Directors-Unanimously-Rejects-Unsolicited-Proposal-from-Emerson/default.aspx

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