Elliott Investment Management L.P., Friday opposed Aspen Technology, Inc.'s (AZPN) agreement with Emerson Electric Co. (EMR) and said the offer is highly opportunistic and substantially undervalues the Company.
Elliott, a minority investor in AspenTech, disagreed with the decision to support a $265.00 per share tender offer by its majority stockholder, Emerson.
Further, Elliot noted that it has "no intention of tendering its shares at the current price."
Elliott Investment manages funds that together have an investment of more than $1.5 billion in Aspen Technology, a global asset management software company.
In the pre-market trading, Aspen is 4.33% higher at $277.05 on the Nasdaq.
Shares of Aspen Technology are increasing by 5% in the pre-market trading.
In the pre-market trading, Emerson Electric is 1.83% higher at $129.81 on the New York Stock Exchange.
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