Prior to becoming president, Dr. Bullard was vice president and deputy director of research for monetary analysis at the Federal Reserve Bank of St. Louis. our Subscriber Agreement and by copyright law. WebFERGUSON Emerson reported that President and CEO Lal Karsanbhais total pay for the fiscal year 2021 was $15.8 million. Based on what you have shared to date, we reiterate our proposal for Emerson to purchase 100% of the outstanding common stock of NI for $53 in cash per common share. Thats a great point. In your email, you advised that you had established a working group of the Board, and you would consider a meeting with representatives from the working group and management after the Thanksgiving holiday. Karsanbhai has a bachelors degree in economics from the University of Michigan and a masters degree in business administration from Washington University in St. Louis. Please note the statutorily mandated initial compliance date of Thursday, December 22, 2022 and continuing thereafter through NI's next annual general meeting of its stockholders. Its Commercial & Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency, and create sustainable infrastructure. Frank Dellaquila - CFO. Emerson's Public Proposal Follows Eight Months of Delay and Lack of Engagement. WebSurendralal Lal Karsanbhai is President/CEO at Emerson Electric Co. See Surendralal Lal Karsanbhai's compensation, career history, education, & memberships. As the Executive President - Automation Solutions of Emerson Electric Co, the total compensation of Surendralal Karsanbhai at Emerson Electric Co is $4,585,450. As of 16 November 2022 he still owns at least 104,974 units of Emerson Electric Co stock. We are offering an immediate financial benefit to your shareholders, and a high-quality home for NI, benefiting your employees, customers, suppliers and communities. Lal Karsanbhai has After receiving your terse response and continued refusal to engage with Emerson for the benefit of NI's shareholders, we decided to wait to see if your revised guidance, investor day communication, and Q3 results might fundamentally alter investors' views of NI's value or signal an acceleration in NI's outlook that we could incorporate into our thinking before reaching out to you again. We wanted to follow-up on our initial confirmation of receipt of your November 3, 2022 letter. This is to confirm that we are in receipt of your request regarding the materials referenced in our bylaws, and that we will provide you with the documents referenced in our bylaws shortly. In preparation for all options, we would note: I continue to be available to meet with you at your convenience and have also instructed our financial and legal advisors to make themselves available to meet with your advisors. Branch Banks at Little Rock, Arkansas; Louisville, Kentucky; and Memphis, Tennessee. The team executes. Full details, including Emerson's previous correspondence with NI, are available at www.MaximizingValueAtNI.com. Any forward-looking statements speak only as of the date of this communication. The largest trade he's ever made was exercising 10,000 units of Emerson Electric Co stock on 16 November 2022 worth over $650,700. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. While the list of factors presented here is, and the list of factors to be presented in any such proxy statement(s) or materials will be, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. To that end, we would be willing to extend the standstill agreement by one week and may see the potential for a very modest increase in value, subject to the following: We believe our offer is compelling and that there is a path to working with your Board privately and collaboratively towards a potential transaction. December 14, 2022 NI's Request for a Call with Emerson, From: Eric Starkloff Sent: Wednesday, December 14, 2022 To: Lal KarsanbhaiSubject: Re: Re: Re: Follow up to NI letter dated August 2nd. In the role, he was responsible for a global business comprised of four distinct business units, nine manufacturing plants and 2,200 employees. This communication contains "forward-looking" statements as that term is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act, as amended by the Private Securities Litigation Reform Act of 1995. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the election of the Nominees as directors of the Company and/or the Proposed Transaction, including a description of their direct or indirect interests in such matters, by security holdings or otherwise, will be set forth in any proxy statement(s) and other relevant materials related to such matters if and when they are filed with the SEC. I look forward to hearing a more constructive answer and stand ready to engage. November 16, 2022 Emerson's Response to NI, From: Lal KarsanbhaiSent: Wednesday, November 16, 2022To: Eric Starkloff; Michael McGrathSubject: Re: Follow up to NI letter dated August 2nd. Mr. Farr is one of the longest-serving CEOs in the S&P 500. He served as vice president of the regulator technologies business from 2002 until 2005, when he moved to Gallardon, France, as vice president and general manager of natural gas. I hope you had a good 4th of July weekend. Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. Lal Karsanbhai is president and chief executive officer of Emerson. Our strong preference is to work constructively and expeditiously with you and your board to announce a Definitive Agreement. Attached please find Emerson's demand as a stockholder of National Instruments Corporation ("NI") for inspection of books and records of NI. Emerson Electric Co executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. July 6, 2022 NI's First Response to June 22 Letter, From: Eric StarkloffSent: Wednesday, July 6, 2022To: Lal KarsanbhaiSubject: Re: Follow-up to NI letter dated June 16. Our industry leading Automation Solutions platform was built through a combination of sustained organic investments as well as strategic acquisitions of highly innovative businesses including Rosemount, Micro Motion, Fisher, and most recently our acquisition of majority control in AspenTech. James Bullard took office on April 1, 2008, as the 12th chief executive of the Eighth District, Federal Reserve Bank of St. Louis. Cramer interviewed Emerson Electric CEO Lal Karsanbhai on Tuesday. I received your letter dated November 15th in response to our November 3rd letter. I look forward to hearing from you by then at the latest. The most active insiders traders include Randall L Stephenson, David N Farr, and Technologies Inc Aperture. To learn more, please visit the link below. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others: (1) the outcome of any discussions between Emerson and the Company with respect to the proposed transaction, including the possibility that the parties will not agree to pursue a business combination transaction or that the terms of any such transaction will be materially different from those described herein, (2) that one or more closing conditions to the proposed transaction, including certain regulatory approvals, may not be satisfied or waived, on a timely basis or otherwise, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the proposed transaction, may require conditions, limitations or restrictions in connection with such approvals or that any required approval by the stockholders of the Company may not be obtained; (3) the risk that the proposed transaction may not be completed in the time frame expected, or at all; (4) unexpected costs, charges or expenses resulting from the proposed transaction; (5) uncertainty of the expected financial performance of Emerson following completion of the proposed transaction; (6) failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integrating the business of the Company with the business of Emerson; (7) the ability of Emerson to implement its business strategy; (8) difficulties and delays in achieving revenue and cost synergies; (9) inability to retain and hire key personnel; (10) the occurrence of any event that could give rise to termination of the proposed transaction; (11) potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; (12) evolving legal, regulatory and tax regimes; (13) changes in economic, financial, political and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics (e.g., the coronavirus (COVID-19) pandemic (the "COVID-19 pandemic")), geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade and policy changes associated with the current or subsequent U.S. administration; (14) the ability of Emerson and the Company to successfully recover from a disaster or other business continuity problem due to a hurricane, flood, earthquake, terrorist attack, war, pandemic, security breach, cyber-attack, power loss, telecommunications failure or other natural or man-made event, including the ability to function remotely during longterm disruptions such as the COVID-19 pandemic; (15) the impact of public health crises, such as pandemics (including the COVID-19 pandemic) and epidemics and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets, including any quarantine, "shelter in place," "stay at home," workforce reduction, social distancing, shut down or similar actions and policies; (16) actions by third parties, including government agencies; (17) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; (18) the risk that disruptions from the proposed transaction will harm Emerson's and the Company's business, including current plans and operations; (19) certain restrictions during the pendency of the acquisition that may impact Emerson's or the Company's ability to pursue certain business opportunities or strategic transactions; (20) the ability to meet expectations regarding the accounting and tax treatments of the proposed transaction; and (21) other risk factors as detailed from time to time in Emerson's and the Company's reports filed with the SEC, including Emerson's and the Company's annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. And that purpose is really driving innovation that makes the world safer, healthier, smarter, and more sustainable. Additionally, Emerson does not anticipate any significant regulatory risks or delays given the complementary nature of the two businesses. Please contact us if you need assistance purchasing this product in another country. The attached demand provides the contact information for coordinating NI's response through Emerson's outside counsel, Davis Polk. Lal Karsanbhai President and Chief Executive Officer . Box 407, Memphis, TN 38101-0407 Today, Im excited to speak with Lal Karsanbhai, Emersons president and CEO, about the importance of change, the value of surrounding yourself with the right President Prior to being named CEO, Karsanbhai led Emersons Automation Solutions business. NI's business has strong positions in attractive and growing markets, creating sustainable top line growth potential. He is fluent in Portuguese, French and English. P.O. Broadway and Locust Streets Lal Karsanbhai, President & CEO Yeah, youre absolutely right, Todd. We are prepared to engage with NI's Board and management team immediately and have organized the resources to work towards a transaction expeditiously. Find family history information in a whole new way. I received your letter dated Thursday, June 16th, responding to our proposal from Wednesday, May 25th (the "Proposal") for the acquisition of all of the outstanding shares of National Instruments Corporation ("NI") by Emerson Electric Co. ("Emerson"). Combining NI with Emerson would lead to significant opportunities for both of our teams and further develop our position as a premier global automation company. CEO Lal Karsanbhai sold the companys 150-plus acre campus in St. Louis, but the grass isnt greener anywhere else. May 25, 2022 Emerson's First Offer Letter to NI, Eric StarkloffPresident and Chief Executive OfficerNational Instruments Corporation11500 N Mopac ExpwyAustin, TX 78759-3504. Your letter referenced "significant and steady increases in bookings and revenue" as well as "strengthened operational performance and advances in technology". 200 North Main Street, Memphis, TN 38103 Karsanbhai currently serves on the board of the Federal Reserve Bank of St. Louis and on the board of the US-China Business Council. He held this role until his appointment as leader of Automation Solutions in 2018. Lal Karsanbhai - President and CEO. And based on your comments around the areas you are interested in learning more about our business, I think the meeting will be a mutually valuable one. Web101 South Fifth Street, Suite 1920, Louisville, KY 40202 (502) 568-9200 Memphis 200 North Main Street, Memphis, TN 38103 P.O. WebLal Karsanbhai. R. Eddie Dixon, Jr.Chief Legal Officer, Senior Vice President & Secretary, December 16, 2022 NI's Email Confirming January 4 Meeting with Emerson, From: Eric Starkloff Sent: Friday, December 16, 2022 To: Lal KarsanbhaiSubject: Re: Re: Re: Re: Follow up to NI letter dated August 2nd. Lal Karsanbhai - President and Chief Executive Officer - LinkedIn Proposal Represents Immediate, Compelling Cash Premium of 32% Over NI's Closing Share Price on January 12, 2023, Offers Deal Certainty for NI Shareholders No Financing Contingency, No Anticipated Regulatory Concerns, Public Proposal Follows Numerous Attempts to Engage with NI in Private over Last Eight Months, Leading Up to NI's Public Announcement of Strategic Review, NI's Test and Measurement Technology Fully Aligned with Emerson's Strategy to Develop a Cohesive, Higher Growth and Higher Margin Portfolio and Advance Global Automation Focus, Emerson to Host Conference Call to Discuss Proposal Today at 8:30 a.m. Eastern Time. The offer provides substantial premiums to both current and historical metrics, specifically: For reference, the last time NI's share price closed above $53 was on March 12th, 2018. In your letter you advised that you will provide the documents "shortly" without more specificity. ST. LOUIS, Jan. 17, 2023 /PRNewswire/ --Emerson (NYSE: EMR) today announced that it submitted a proposal to the Board of Directors of National Instruments ("NI") (NASDAQ: NATI) to acquire NI for $53 per share in cash at an implied enterprise value of $7.6 billion. I will be in touch with you after the board meeting to discuss. This communication is not a substitute for any proxy statement or other documents Emerson may file with the SEC in connection with the election of the Nominees or the Proposed Transaction. I dont think thats changed. Honeywell has been one of ABB's top competitors. Weve just talked a bit about how youve navigated change and how youve grown as a leader throughout your career. system. November 15, 2022 NI's Response to November 3 Letter. Dr. Bullard's research has appeared in numerous professional journals, including the Journal of Monetary Economics; Journal of Money, Credit, and Banking; Journal of Economic Growth; and Journal of Economic Theory. Esperti OCF nella Protezione Patrimoniale. ", Combination Would Advance Emerson's Global Automation Focus. The estimated Net Worth of Surendralal Lanca Karsanbhai is at least $14.2 Million dollars as of 16 November 2022. Best wishes for a happy holidays. Any definitive proxy statement(s) (including any WHITE proxy card enclosed with any definitive proxy statement(s) or supplements filed and/or disseminated by Emerson) (if and when available) will be mailed or otherwise made available to stockholders of the Company. Access more than 40 courses trusted by Fortune 500 companies. I am writing to follow up on your August 2nd response to our June 22nd letter which reiterated our proposal for the acquisition of all of the outstanding shares of National Instruments Corporation ("NI") by Emerson Electric Co. ("Emerson"). Lal, when you consider your approach to leadership, what are the top three areas you like to focus on? So just to flip that question, how have you stayed the same throughout your career? This acquisition would enable Emerson to further expand and diversify its customer base within highly attractive end markets with strong secular trends including semiconductor, automotive and electric vehicles, and aerospace and defense. For more information, visitEmerson.com. Emerson undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. So, Lal, how have you evolved as a leader in your role as the CEO of Emerson?
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