Emerson Electric extends tender offer for Avocent shares to Thursday

By Lisa Kerner

Charlotte, N.C., Dec. 7 - Emerson Electric Co. extended its tender offer for Avocent Corp.'s outstanding shares of common stock to 5 p.m. ET on Thursday from Monday.

Previously, the offer was extended from Nov. 30.

According to Emerson, the offer was extended pending the expiration or termination of the applicable waiting period under the competition law of Hungary.

Clearances have been received under the competition laws of Austria, Germany and Ireland, and the Hart-Scott-Rodino waiting period has ended, an Emerson news release said.

The $25-per-share cash tender offer began on Oct. 15.

As of 5 p.m. ET on Monday, a total of approximately 42.5 million shares, or 95%, of Avocent common stock had been tendered in the offer, including about 2.0 million shares tendered under notices of guaranteed delivery, said Emerson.

As previously reported, Emerson agreed to acquire Avocent in an all-cash deal valued at approximately $1.2 billion.

Avocent's board of directors approved the deal, which is expected to close on or around Jan. 1.

Emerson, based in St. Louis, provides network power, process management, industrial automation and climate technologies solutions.

Avocent designs, manufactures, licenses and sells software and hardware products and technologies that provide connectivity and centralized management of IT. The company is located in Huntsville, Ala.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.