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On April 12, 2023, Emerson (NYSE: EMR) and National Instruments (Nasdaq: NATI) announced that they entered into a definitive agreement under which Emerson will acquire NI for $60 per share in cash at an equity value of $8.2 billion. 

Emerson already owned approximately 2.3 million shares of NI, representing approximately 2% of shares outstanding, which were acquired at a weighted average price of $36.84. 

Investors of $NATI may have reasons to suspect that the pricing terms of the M&A transaction are unfair and that the Company BoD breached fiduciary duties to shareholders.

National Instruments Corporation

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National Instruments (NATI) M&A Case

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National Instruments Corporation provides a software-centric platform to engineers and scientists worldwide. Its programming environments software includes NI LabVIEW, a graphical software platform to visualize hardware configuration, measurement data, and debugging; NI LabWindows/CVI, an ANSI C integrated development environment and engineering toolbox; and NI Measurement Studio, a suite of .NET tools for building engineering applications in Microsoft Visual Studio. The company's application software comprises NI TestStand that is used for automated test and measurement applications in manufacturing environment; NI VeriStand, a software environment for configuring real-time testing applications; Flexlogger for sensor configuration and data logging of mixed signals. Its operations management and analytic enterprise software include NI DIAdem, which is configuration-based technical data management, analysis, and report generation tools to mine and analyze engineering and measurement data; NI SystemLink, a systems management and data collection software that enables the mass coordination of connected devices, software deployments, and data communications throughout a distributed system; and NI Optimal Plus. The company also offers PXI and NI C-series hardware; NI PXI modular instrument platform; and NI semiconductor test systems, as well as software and hardware maintenance, and training and certification services. It serves semiconductor and electronics, transportation, aerospace, and defense industries; and government agencies. The company sells its products through direct sales, independent distributors, original equipment manufacturers, resellers, and system integrators and consultants. National Instruments Corporation was incorporated in 1976 and is headquartered in Austin, Texas. As of October 11, 2023, National Instruments Corporation operates as a subsidiary of Emerson Electric Co.

National Instruments (NATI) M&A Case

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