We are advising Emerson on the proposal

Davis Polk is advising Emerson on its proposal to the board of directors of National Instruments to acquire NI for $53 per share in cash at an implied enterprise value of $7.6 billion. The proposal, which is not subject to any financing conditions, was submitted to NI on November 3, 2022, and represents an improvement over an initial $48 per share proposal submitted on May 25, 2022.

Emerson, headquartered in St. Louis, Missouri, is a global technology and software company providing innovative solutions for customers in industrial, commercial and residential markets. From data and automation to research and validation, NI provides the tailored, software-connected systems engineers and enterprises need to engineer ambitiously every day.

The Davis Polk corporate team includes partners Phillip R. Mills and Cheryl Chan and associates Daisy Wu and Natasha D. Shah. Partner Michael Mollerus is providing tax advice. Partner John B. Meade is providing capital markets advice. Partner Frank J. Azzopardi is providing intellectual property advice. Partner Travis Triano is providing executive compensation advice. Partner Ronan P. Harty is providing antitrust and competition advice. Partner Andrew Ditchfield is providing litigation advice. All members of the Davis Polk team are based in the New York office