Emerson Electric Co. on Tuesday disclosed a nearly $7 billion offer to buy National Instruments Corp., which it has been trying to buy for more than eight months.

Emerson Electric, a St. Louis-based technology and engineering company, said it was offering $53 a share in cash for National Instruments, giving it an enterprise value of $7.6 billion. The offer represents a 32% premium over National Instruments’ closing price from last Thursday, the day before it said its board was evaluating strategic alternatives and had already been approached by potential acquirers.

Emerson said it submitted the offer on Nov. 3, which improved upon an initial $48-per-share bid from May 25. Emerson also said it has tried to engage privately with the Texas-based equipment and instrumentation company about a potential deal since last May, but to no avail.

Emerson Electric logo Image 1 of 3

A visitor views the video wall in the lobby of Emerson Electric’s headquarters building in St. Louis, Wednesday, Nov. 28, 2007. Emerson is making a bid to buy National Instruments, Monday, Jan. 16, 2023 for $7.6 billion. Emerson is offering $53 per share in cash, an enhanced offer that was made in November. (AP Photo/Tom Gannam) | AP Newsroom

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"Although Emerson would have preferred to reach an agreement privately, given NI’s announcement that it is undertaking a strategic review, and after refusing to work with us toward a premium cash transaction over the past eight months, we are making our interest public for the benefit of all NI shareholders," Emerson Chief Executive Lal Karsanbhai said.

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Ticker Security Last Change Change % EMR EMERSON ELECTRIC CO. 91.24 -6.68 -6.82%NATI NATIONAL INSTRUMENTS CORP. 52.04 +5.07 +10.79%

A representative for National Instruments declined to comment.

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Shares of National Instruments jumped 15% to $54 in premarket trading. The company’s shares climbed 17% to a three-year high of nearly $48 last Friday after its board said it had launched a strategic review process to consider potential acquisitions and other strategic options.

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