Shares in factory equipment giant Rockwell Automation Inc (NYSE:ROK) slipped nearly 2% in extended trade as it emerged that Emerson Electric Co (NYSE:EMR) had now withdrawn its offer to buy the firm.
Rockwell had rebuffed the latter's offer twice already.
READ: Rockwell rebuffs latest takeover offer from rival Emerson
The latest was an offer of US$225 per share, to be paid US$135 in cash and US$90 in stock - a 30% premium to Rockwell’s volume-weighted share price in the three months before the first approach became public on October 31.
There were reportedly arguments over the price but also Rockwell had said the combined entity's customers would be worse off because its products would no longer be available on a single platform.
Last week, Emerson had sweetened its bid for Rockwell to US$29bn.
In a statement, the board said it had “unanimously determined” that Emerson’s proposal was not in the best interests of the company or its shareholders.
“Emerson’s proposal undervalues Rockwell Automation and its prospects for continued growth and value creation, presents significant long-term risk for Rockwell Automation’s shareowners, and would create a company that is not well-positioned to compete successfully in the evolving market,” it said.
Today, Emerson chief executive David Farr said in a statement: "We are disappointed that the Rockwell board refused even to discuss the potential combination of our two great companies."