Elliott Statement on Aspen Technology, Inc.

Rhea-AI Summary

Elliott Investment Management, managing funds with over $1.5 billion investment in Aspen Technology (NASDAQ: AZPN), has publicly opposed the recently announced tender offer by Emerson Electric Co. (NYSE: EMR). Emerson, AspenTech's majority stockholder, proposed to acquire the remaining shares it doesn't own at $265.00 per share.

As AspenTech's largest minority investor, Elliott stated that Emerson's offer is highly opportunistic and substantially undervalues the company. The investment firm has declared it will not tender its shares at the current price.

Positive

• None.

Negative

• Major shareholder Elliott ($1.5B stake) opposes Emerson's buyout offer
• Potential undervaluation of company at $265.00 per share tender offer price
• Risk of deal failure due to significant minority shareholder opposition

WEST PALM BEACH, Fla., Feb. 7, 2025 /PRNewswire/ -- Elliott Investment Management L.P. ("Elliott"), which manages funds that together have an investment of more than $1.5 billion in Aspen Technology, Inc. (NASDAQ: AZPN) (the "Company" or "AspenTech"), today issued the following statement regarding the Company's recently announced agreement with Emerson Electric Co. (NYSE: EMR) ("Emerson"):

"As the largest minority investor in AspenTech, we disagree with the Company's decision to support a $265.00 per share tender offer by its majority stockholder, Emerson, to acquire the AspenTech shares it does not already own. Emerson's offer is highly opportunistic and substantially undervalues the Company. Elliott has no intention of tendering its shares at the current price."

About Elliott

Elliott Investment Management L.P. (together with its affiliates, "Elliott") manages approximately $69.7 billion of assets as of June 30, 2024. Founded in 1977, it is one of the oldest funds under continuous management. The Elliott funds' investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm.

Media Contact

Alice Best
Elliott Advisors (UK) Limited
T: +44 203 009 1715
abest@elliottadvisors.co.uk

 

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SOURCE Elliott Investment Management L.P.

FAQ

What is Emerson's tender offer price for AZPN shares in February 2024?

Emerson Electric Co. has offered $265.00 per share to acquire the remaining shares of Aspen Technology that it does not already own.

How much is Elliott Investment Management's stake in AZPN worth?

Elliott Investment Management manages funds that together have an investment of more than $1.5 billion in Aspen Technology.

Why is Elliott opposing Emerson's tender offer for AZPN?

Elliott opposes the tender offer because they believe it is highly opportunistic and substantially undervalues the company.

Will Elliott tender its AZPN shares to Emerson at $265.00 per share?

No, Elliott has explicitly stated it has no intention of tendering its shares at the current price.