Emerson said that it has completed its tender offer for all of the outstanding shares of common stock of Avocent.
Total of approximately 43.2m shares of Avocent common stock were tendered, representing approximately 97% of Avocent’s outstanding shares, including approximately 2.5m shares tendered pursuant to a notice of guaranteed delivery. All shares validly tendered and not withdrawn have been accepted for payment by Emerson.
Emerson said that it expects to effect a short-form merger under Delaware law to complete the Avocent acquisition. As a result of the merger, each of the remaining outstanding shares of Avocent’s common stock (other than any shares owned by Avocent, Emerson, or Emerson’s subsidiaries or any shares whose holders properly exercise their appraisal rights) will be converted into the right to receive the same $25 in cash per share, without interest, less certain applicable taxes, that was paid in the tender offer.
Upon completion of the merger, Avocent will become a wholly owned subsidiary of Emerson. The merger will enable Emerson and its network power business to offer a better portfolio of data centre infrastructure management services.
