Emerson Electric Co. (EMR) announced that it has extended its tender offer to purchase all of the outstanding shares of common stock of Avocent Corp. (AVCT) to 5:00 p.m. Eastern Standard Time on November 30, 2009. The offer was previously scheduled to expire at 12:00 midnight, EST, on November 12, 2009. The tender offer was extended pending the expiration or termination of the applicable waiting periods under the competition laws of Austria, Germany and Hungary.
On October 15, 2009, Emerson commenced a tender offer to acquire all of the outstanding shares of common stock of Avocent for $25.00 per share in cash, without interest, less certain applicable taxes.
Emerson stated that the depositary for the tender offer has advised the company that, as of 12:00 midnight, EST, on November 12, 2009, a total of approximately 42.0 million shares of Avocent common stock, representing approximately 94% of Avocent's outstanding shares of common stock, had been tendered and not withdrawn, including 5.1 million shares tendered pursuant to a notice of guaranteed delivery.
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