LONDON (ShareCast) - (ShareCast News) - Rockwell Automation shares took off on Thursday after Emerson Electrical raised its takeover bid by $10 per share.
Emerson, which had previously issued a since rejected unsolicited offer for Rockwell in October, raised the price of the same from $215 per share to $225, valuing the company somewhere in the vicinity of $29bn in the process.

The buyer said it was willing to pay $135 per share in cash, with the other $90 being made up of Emerson stock.

"The industrial logic for this combination is clear," Emerson chief executive David Farr said.

"A combination of Emerson and Rockwell would create a leader in the $200 billion global automation market. Together, we could offer an unmatched technology portfolio that addresses customers' current and future needs for a fully connected enterprise, where process, discrete, and hybrid work seamlessly together rather than relying on single, disparate platforms," he added.

As of 1700 GMT, shares had gained 4.77% to trade at $197.82 each.

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