Emerson Electric extends $25-per-share Avocent tender offer to Nov. 30

By Lisa Kerner

Charlotte, N.C., Nov. 13 - Emerson Electric Co. extended its tender offer for Avocent Corp.'s outstanding shares of common stock to 5 p.m. ET on Nov. 30 from Nov. 12.

According to Emerson, the offer was extended pending the expiration or termination of the applicable waiting periods under the competition laws of Austria, Germany and Hungary.

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

As of midnight ET on Nov. 12, a total of approximately 42 million shares, or 94%, of Avocent common stock had been tendered in the offer, including 5.1 million shares tendered under notices of guaranteed delivery, said Emerson.

The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period in October and the Irish Competition Authority granted its approval on Thursday, an Emerson news release said.

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.

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