Why Rockwell Automation's Shares Popped 13% This Morning

Shares of industrial supplier Rockwell Automation (NYSE: ROK) jumped as much as 12.7% in trading Tuesday after announcing it has rejected multiple buyout offers from Emerson Electric (NYSE: EMR). Shares were halted early in trading so investors could digest the rumors and Rockwell could release an official statement on the rejected offers, but were still trading 5.5% higher at 11:30 a.m. EDT.

Over the past few months, Emerson has made multiple bids for Rockwell, including a $200-per-share offer on Aug. 2 and a $214.50-per-share offer on Oct. 17. Both offers were for half cash and half Emerson stock, but the board of directors didn't think either was sufficient.

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Source: Fool.com