National Instruments confirms Emerson buyout bid, will wait to hear from other potential buyers

National Instruments Corp.
NATI,
+12.78%
confirmed that it received Emerson Electric Co.’s
EMR,
-6.41%
$53 per-share buyout bid, but stressed that it would continue its previously announced review of strategic options. National Instruments said the review includes “robust solicitation of interest from potential acquirors.” National Instruments’ stock soared 12.5% in midday trading, putting them on track for the highest close since March 2018, while Emerson’s stock slumped 6.9% toward a 10-week low, and the biggest one-day decline since it slumped 8.2% on June 11, 2020. “NI determined to affirmatively initiate, announce and pursue a comprehensive strategic review process inclusive of other counterparties rather than negotiate exclusively with Emerson, which NI believes would be detrimental to shareholder interests,” National Instruments said in a statement. The engineering systems company’s stock has run up 37.2% over the past three months, while Emerson shares have tacked on 13.9% and the S&P 500
SPX,
-0.13%
has gained 8.6%.