Emerson Electric's (EMR) bid to acquire all the shares of Aspen Technology (AZPN) it does not already own is "unfair" to AspenTech shareholders, said minority investor Elliott Investment Management Wednesday, vowing to fight the proposal.
AspenTech's board said last month it agreed to a $265 per share all-cash acquisition by Emerson, which already owns a majority stake in the company.
Elliot, an activist investment firm founded by billionaire Paul Singer, said that it manages funds that have a more than $1.5 billion stake in Aspen.
Elliot called Emerson's acquisition proposal "the result of a conflicted and deeply flawed process, bearing all the hallmarks of an opportunistic minority squeeze-out."
"This transaction is unfair to minority stockholders, and we intend to pursue all appropriate remedies against Emerson," Elliot said.
Emerson and AspenTech did not immediately reply to MT Newswires' requests for comment.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.