Avocent stockholders tender 97% of shares in Emerson Electric's offer

By Lisa Kerner

Charlotte, N.C., Dec. 11 - Emerson Electric Co. announced that a total of approximately 43.2 million shares, or about 97%, of Avocent Corp.'s common stock were tendered in Emerson's offer that ended on Thursday.

The total includes approximately 2.5 million shares tendered under notice of guaranteed delivery, according to an Emerson news release.

Emerson said all validly tendered shares have been accepted for payment.

The company expects to complete its acquisition of Avocent via a short-form merger under Delaware law. The remaining outstanding shares of Avocent will be converted into the right to receive the same $25 in cash per share that was paid in the tender offer.

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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