Elliott says Emerson’s offer for Aspen Technology ‘highly opportunistic’

Elliott Investment Management, which manages funds that together have an investment of more than $1.5B in Aspen Technology (AZPN), issued the following statement regarding the company’s recently announced agreement with Emerson Electric Co. (EMR): “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.”