Emerson says will 'carefully evaluate' D.E. Shaw's proposals
Emerson confirmed receipt of a letter to Emerson's board of directors and presentation from D.E. Shaw. The company noted that on Oct. 1, Emerson announced that it is conducting a comprehensive review of operational, capital allocation and portfolio initiatives to enhance shareholder value and position the company for both near- and long-term success. Emerson Chairman and CEO David Farr said: "Emerson was one of the first industrial companies to address concerning trends in the macroeconomic environment, and we've announced increased restructuring actions since May to proactively manage our cost structure. The Board of Directors has been focused on this issue over the course of the year and concluded that a thorough review will inform decisions that drive strong value creation for our shareholders in what we expect to be an uncertain environment." Clemens A.H. Boersig, Lead Independent Director, added: "Emerson maintains an open dialogue with all shareholders and welcomes their input on potential opportunities to enhance shareholder value. We will carefully evaluate D.E. Shaw's proposals as we continue to assess value-creation opportunities."