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AP Photo/Tom Gannam

Rockwell Automation, a Milwaukee-based industrial automation company, has rejected an unsolicited takeover offer of more than $27 billion from St. Louis-based Emerson Electric.

Over and out? It's hard to imagine Emerson is going to take its ball and go home. This is not Emerson's first bid for Rockwell, which Emerson believes could introduce $6 billion worth of synergistic savings. But Emerson has had no luck via private negotiations so, now, the offers have conveniently leaked — thus putting possible shareholder pressure on Rockwell to engage.

Key term: The latest offer reportedly was evenly split between cash and stock, and Rockwell would like to weight that balance toward the former. Not only for shareholder liquidity, but also due to concerns over integration challenges.

Bottom line: "Emerson's offer stems from its desire to be a leader in all areas of automation and to present a stronger competitive offering to industrial companies as European giants such as Siemens, ABB Automation Group and Schneider Electric become more aggressive in the field." — David Faber, CNBC

Go deeper

1 hour ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.