I look forward to hearing from you by then at the latest. On behalf of Emerson, I thank you again for the dialogue thus far and for your consideration of this Proposal. Lal Karsanbhai is currently President, Chief Executive Officer and Director at Emerson Electric and Director at Federal Reserve Bank of St. Louis. Furthermore, Emerson is prepared to nominate directors for election to NI's Board. In this role, which he began in October 2018, Karsanbhai was responsible for leading strategies, technologies and innovations to help essential industries enhance operations and achieve Top Quartile performance. He led Automation Solutions to strong performance, elevating Emersons software profile and digital transformation business. While it has been helpful to receive some additional information on your business and plans, the superficial information your team shared has not addressed the 30 focused questions that we provided ahead of time, and as such we are not yet able to change our view on the financial outlook for NI. He was responsible for coordinating Emersons global planning and strategy. Prior to his current position, Mr. Karsanbhai was Group President - Measurement & Analytical from 2016 through September 2018, President Emerson Network Power Europe, Middle East and Africa from 2014 through 2016, Vice President Corporate Planning from 2012 through 2014, President of Emerson's Fisher Regulator Technologies business from 2008 through 2012, and Vice President and General Manager of its Natural Gas Unit from 2005 through 2008. Emerson (NYSE: EMR) is a global technology and software company providing innovative solutions for the world's essential industries. Karsanbhai was named president of Emersons Fisher regulator technologies in 2008. In the role, he was responsible for a global business comprised of four distinct business units, nine manufacturing plants and 2,200 employees. In 2012, he moved to the role of vice president of planning, which he held until 2014. Additional Information and Where to Find It. Ive been tough. 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. "Although Emerson would have preferred to reach an agreement privately, given NI's announcement that it is undertaking a strategic review, and after refusing to work with us toward a premium cash transaction over the past eight months, we are making our interest public for the benefit of all NI shareholders," said Lal Karsanbhai, President and Chief Executive Officer of Emerson. Emerson, headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial, and residential markets. NI and its Board of Directors take your proposal seriously, in accordance with our fiduciary duties. The companys recent strategic moves, ambitious commitments, and leadership evolution all demonstrate its focus on advancing progress. Investor Conference Call and Presentation. 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. 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. Looking forward to seeing you in January. You have had our Revised Proposal since November 3rd and over two weeks have passed since your last communication. Its a great question, Todd. Lal Karsanbhai For more information, visitEmerson.com. 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. "Following a comprehensive review, we selected St. Louis, Missouri as our headquarters and are working to identify an appropriate location in the area," Emerson President and Chief Executive Officer Lal Karsanbhai said in a news release Wednesday as the company announced its first quarter earnings . We are very motivated to conclude a transaction that benefits both companies as well as our respective shareholders. And together, all three create a culture that will foster innovation, that will foster the ability of people to perform in roles and value creation. 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"). Studio Clarus usa i dati che fornisci al solo scopo di rispondere alle vostre richieste nel rispetto del Regolamento UE 2016/679 GDPR. Five Learnings from My First Year as CEO - LinkedIn But Ive always been respectfulrespectful of people, respectful of the organization. Karsanbhai Surname Origin, Meaning & Last Name History In that regard, we ask that you provide the supplemental information requested in my December 7 letter in addition to the two documents. Its Automation Solutions business helps process, hybrid, and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Lal Karsanbhai takes over as Emerson CEO in 'generational Create a free family tree for yourself or for Lal Karsanbhai and well search for P.O. 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. Please let me know who they should send it to from your advisor team. Lal Karsanbhai, President & CEO Yeah, youre absolutely right, Todd. Benefits of the transaction include: Aligned with Emerson's Portfolio Transformation Into a Cohesive, Higher Growth, and More Profitable Company:Emerson is actively transforming its portfolio to create a higher value, cohesive industrial technology portfolio serving a diversified set of end markets. After $11B deal with AspenTech, Emerson finds an 'engine' to Competitors I received your letter dated November 15th in response to our November 3rd letter. The attached demand provides the contact information for coordinating NI's response through Emerson's outside counsel, Davis Polk. In addition, pursuant to NI's Bylaws, a stockholder proposing to nominate directors for election at the next AGM is required to submit two documents in the form provided by the Company Secretary. Ill answer that through what I believe is the most important role that I have as CEO of Emerson, which is nurturing talent, the ability of our company to attract and retain the best. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Emerson Chief Executive Officer David N. Farr to Retire; Lal 11350480015 | Il marchio e regolarmente registrato, e tutti i contenuti sono di proprieta esclusiva della Studio Clarus. (502) 568-9200, Memphis I know where the bodies are buried, and Ive used that to my advantage, said Karsanbhai. Yeah, youre absolutely right, Todd. Emerson operates in the industry. The surname Karsanbhai is most common in The United States, where it By continuing your navigation, you consent to their use. This Proposal has been reviewed with Emerson's board of directors who support the proposed transaction. On average, Emerson Electric Co executives and independent directors trade stock every 37 days with the average trade being worth of $2,231,339. Its important for a company to set values and use them as the North Star for how we communicate and how we navigate through the challenges. To emphasize the level of work completed and ability to move with certainty and speed, we reiterate to you our proposed next steps consistent with our prior letters: We have invested considerable time and resources and remain fully committed to pursuing this transaction. CEO Lal Karsanbhai sold the companys 150-plus acre campus in St. Louis, but the grass isnt greener anywhere else. 87990cbe856818d5eddac44c7b1cdeb8, Continue reading your article witha WSJ subscription, Already a subscriber? Watch Jim Cramer's full interview with Emerson Electric CEO Lal And that gives me a lot of time. Lal Karsanbhai There are 2 executives at Emerson Electric Co getting paid more, with DavidFarr having the highest compensation of $20,301,600. Our offer provides shareholders with credit today for significant future earnings, including your recently updated guidance at attractive premiums: From our first outreach in May 2022, we have attempted to work with you privately to see if we could reach a deal and we are highly confident we could announce a deal within days and by no later than your Q4 results on January 31st. Lal Karsanbhai President and Chief Executive Officer . Earn badges to share on LinkedIn and your resume. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Studio Clarus2023-02-28T09:03:05+00:0028 Febbraio 2023|, La domanda per accedere al credito dimposta previsto dallagevolazione [], Studio Clarus2021-05-04T06:44:46+00:008 Gennaio 2021|. WebKarsanbhai, 51, began his career at Emerson in the mid-90s after receiving an MBA from Washington University, and his work has since sent him around the globe, including Access more than 40 courses trusted by Fortune 500 companies. This copy is for your personal, non-commercial use only. And the third is inclusion. 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. About Emerson. Thats a great point. August 2, 2022 NI's Second Response to June 22 Letter. The Definitive Agreement would be negotiated and executed by Emerson and NI and closing would be conditioned upon required NI shareholder approval, required regulatory approvals and other customary conditions. EX-99.1 Readers are cautioned not to place undue reliance on any of these forward-looking statements. Thats a great point. The oldest executive at Emerson Electric Co. is ArthurGolden, 73, who is the Independent Director. Please contact us if you need assistance purchasing this product in another country. Welcome to the HBR Video Quick Take. Lal, thank you so much for your conversation today and for all of your insights. Louis, MOwww.emerson.com/en-us/investors, Colleen Mettler, Vice President(314) 553-2197investor.relations@emerson.com, Innisfree M&A IncorporatedScott Winter / Jonathan Salzberger(212) 750-5833. Louis, MO 63136-8506. Cramer interviewed Emerson Electric CEO Lal Karsanbhai on Tuesday. We believe this Improved Proposal presents the best and most certain path to maximize value for NI shareholders. structure and function of flowering plants ppt. 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. # # # About Emerson (501) 324-8300, Louisville ), December 14, 2022 NI's Response to Emerson, Sara Bosco, Esq.Senior Vice President, Secretary and Chief Legal OfficerEmerson Electric Co.8000 West Florissant AvenuePO Box 4100St. As outlined at Emerson's November 29, 2022 Investor Conference, test and measurement is one of Emerson's four priority segments. President Review of Monetary Policy Strategy, Tools, and Communications, Banking Applications & Legal Developments, Financial Stability Coordination & Actions, Financial Market Utilities & Infrastructures, James Bullard Surendralal Karsanbhai is 50, he's been the Executive President - Automation Solutions of Emerson Electric Co since 2018. In 2012, he moved to the role of vice president of planning, which he held until 2014. ", Combination Would Advance Emerson's Global Automation Focus. BONUS PUBBLICITA: prorogato anche per il 2021! Il "bonus pubblicit" stato prorogato per il 2021 e per il 2022: come funziona e quali novit sono state introdotte? The Federal Reserve, the central bank of the United States, provides We need to be agile. Lal KarsanbhaiPresident and Chief Executive Officer, June 16, 2022 NI's Response to May 25 Letter, Lal KarsanbhaiPresident and Chief Executive OfficerEmerson Electric Co.8000 West Florissant AvenuePO Box 4100St. 2019 MINI COOPER S COUNTRYMAN SIGNATURE in Edmond, OK Mini Cooper Countryman Features and Specs. Lal, thanks for being here today. Learn more about his forward-thinking vision, focused on 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. WebBiography of Surendralal Karsanbhai. Box 4100St. We are in a position to move very quickly to finalize customary confirmatory diligence and negotiate the merger agreement, and subject to receiving the information requested, may see the potential for a very modest increase in value. And that purpose is really driving innovation that makes the world safer, healthier, smarter, and more sustainable. Emerson CEO Lal Karsanbhai says St. Louis needs to make a change in order to attract new businesses and keep the ones it has. Mr. Karsanbhai owns over 10,000 units of ", Mr. Karsanbhai continued, "We have long admired NI and believe that combining its best-in-class electronic test and measurement product and software offerings with Emerson's industry-leading automation technology and software would enhance our ability to bring comprehensive solutions to a diverse set of end markets, accelerating growth and positioning Emerson to create significant shareholder value. He is also a member of Business Roundtable and The Business Council. We wanted to follow-up on our initial confirmation of receipt of your November 3, 2022 letter. I would like our respective advisors to speak before Thanksgiving so we can better understand your process and the timeline to evaluate our proposal and other options. Karsanbhai is fluent in Portuguese, French and English and St. Louis, MO 63102 Embedded in our guide is an assumption for -- if you just back into it about 32% operating leverage in Q4 for Emerson as a whole. WebDuring his tenure at Emerson, Karsanbhai has worked in Europe, Africa and North America. It is subject to the completion of customary and confirmatory due diligence (e.g., tax, environmental, legal, etc.). Lal Karsanbhai - President and CEO. Lal Karsanbhai became executive president of Emerson Automation Solutions in October 2018. In this role, Karsanbhai is responsible for leading strategies, technologies and innovations to help customers enhance operations and achieve Top Quartile performance. Emerson global headquarters to remain in St. Louis area There, he was responsible for integrating two European natural gas entities, restructuring the business and setting up a plant in Cluj-Napoca, Romania. The Ferguson-based technology and engineering conglomerates latest move in that effort came together at an unlikely venue: an Italian restaurant in the North End neighborhood of Boston. You can see the complete history of Mr. Karsanbhai stock trades at the bottom of the page. We believe our Proposal provides significant value to your shareholders: Our Proposal is not subject to any financing condition and would be financed from cash on hand, committed lines of credit and/or other available sources of financing. Our Improved Proposal delivers compelling all cash value and provides credit for significant future earnings, including your recently updated guidance. Lal Karsanbhai Lal, as all difficult times do, the pandemic era that were living in has shone a spotlight on leaders and leadership. While it would be premature for our advisors to meet at this time, we will consider a future meeting with representatives from the working group and management after the Thanksgiving holiday. Esperti OCF nella Protezione Patrimoniale. Biography of Lal Karsanbhai - The Official Board The estimated Net Worth of Surendralal Lanca Karsanbhai is at least $14.2 Million dollars as of 16 November 2022. Any forward-looking statements speak only as of the date of this communication. Broadway and Locust Streets November 15, 2022 NI's Response to November 3 Letter. Weve just talked a bit about how youve navigated change and how youve grown as a leader throughout your career. Additionally, Emerson does not anticipate any significant regulatory risks or delays given the complementary nature of the two businesses. Karsanbhai is fluent in Portuguese, French and English and has lived and worked in Europe, Africa and North America. Its important to listen. Let me know what works for you. Dr. Bullard is a native of Forest Lake, Minnesota. We stand ready to work immediately with NI's Board and management team to reach an agreement that would provide a compelling premium and certain cash value today for all NI shareholders. will become the new CEO of Emerson on Feb. 5. We are prepared to engage with NI's Board and management team immediately and have organized the resources to work towards a transaction expeditiously. So, staying decisive, staying respectful, staying true to the vision, all great points. We have been particularly impressed with NI's portfolio including modular intelligent devices and the LabVIEW suite of offerings, as well as NI's industry stewardship over many decades in this space. With that backdrop, I am pleased to present you and your Board with this Proposal: Emerson proposes to purchase 100% of the outstanding common stock of NI for $48 in cash per common share, which implies an equity value of $6.49 billion and an enterprise value of $6.67 billion. the nation with a safe, flexible, and stable monetary and financial Process Control for Power & Water Industries, SCADA, Remote Terminal Units (RTU) & Flow Computers, Programmable Automation Control Systems (PLC/PAC), Coriolis, Magnetic & Vortex Sizing and Selection, AVENTICS Product Calculation Pneumatics, Electrical Construction Materials & Lighting, Click to view our Accessibility Policy and contact us with accessibility-related issues, Residential Construction & Home Improvement, Do Not Sell or Share My Personal Information, Transparency in Coverage Machine-Readable Files. Louis, MO 63136-8506. NI's business has strong positions in attractive and growing markets, creating sustainable top line growth potential. Goldman Sachs & Co. LLC and Centerview Partners LLC are serving as financial advisors to Emerson and Davis Polk & Wardwell LLP and Sidley Austin LLP are serving as legal advisors. We are offering an immediate financial benefit to your shareholders, and a high-quality home for NI, benefiting your employees, customers, suppliers and communities. Rather than wait for you to achieve an uncertain 2023, our cash offer gives your shareholders immediate credit today. Lal, when you consider your approach to leadership, what are the top three areas you like to focus on? For non-personal use or to order multiple copies, please contact It gives me time to think about strategy, to think about the portfolio, M&A, and, of course, the organization. Karsanbhais salary was $973,000, and he We have to be ready to debate. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Emerson CEO Dave Farr to Retire After 21 Years - WSJ Emerson has made numerous attempts to engage constructively with NI in private since May 16, 2022, as outlined in the correspondence below. Honeywell has been one of ABB's top competitors. WebKarsanbhai served as president of Emersons former Network Power business in Europe, Middle East and Africa from 2014 until 2016, when he was named group president of However, if you are not willing to share the information requested, it will require us to reach out to your shareholders directly. 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. NI's strategic review announcement comes more than two months after the NI Board purportedly formed a working group to evaluate options with its advisors with no results. Box 407, Memphis, TN 38101-0407 The first is trust and empowerment. Full details, including Emerson's previous correspondence with NI, are available at www.MaximizingValueAtNI.com. Emerson Electric Co. (NYSE:EMR) Q3 2021 Earnings Conference Call August 4, 2021 9:30 AM ETCompany Participants. Given you have now been in possession of a Proposal from Emerson since May, and now an Improved Proposal, I request that you respond promptly to this letter. All statements, other than historical facts, are forward-looking statements, including: statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to negotiate, enter into and complete the proposed transaction; the expected benefits of the proposed transaction, such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Emerson following completion of the proposed transaction; legal, economic and regulatory conditions; and any assumptions underlying any of the foregoing. Please enable JavaScript to use this website. Prior to being named CEO, Karsanbhai led Emersons Automation Solutions business. We have established a working group of the Board to examine your proposal in greater detail, as we examine and evaluate options with the assistance of our advisors, inclusive of other prospective purchasers and transaction partners. As previously confirmed to you, NI and its Board of Directors take your proposal seriously, in accordance with our fiduciary duties, and a working group of the Board has been established to examine your proposal in greater detail, as we examine and evaluate options, inclusive of other prospective purchasers and transaction partners. We are prepared to move quickly to complete such due diligence when appropriate. Lal Karsanbhai | Emerson President and Chief Executive Officer He joined the Bank in 1990 as an economist in the Research Division. Org Chart Emerson Electric I am writing to follow up on our November 3rd letter which outlined our improved proposal for the acquisition of all of the outstanding shares of National Instruments Corporation ("NI") by Emerson Electric Co. ("Emerson"). Last updated: 7 December 2022 at 4:27pm EST. Covers the state of Arkansas; 44 counties in southern Illinois; 24 counties in southern Indiana; 64 counties in western Kentucky; 39 counties in northern Mississippi; 71 counties in central and eastern Missouri; the city of St. Louis; and 21 counties in western Tennessee. NI shareholders should understand that for eight months they have been deprived of the opportunityto realize certain cash value at a significant premium. Mr. Karsanbhai owns over 10,000 units of Emerson Electric Co stock worth over $8,743,284 and over the last 4 years he sold EMR stock worth over $616,760. Attached please find a request for both documents and related confirmations for delivery to the Secretary. As Emerson outlined at our recent Investor Conference, we are transforming our portfolio toward higher-growth automation markets aligned with secular macro trends, which will deliver significant growth and profitability for years to come. 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. Emerson Chief Executive Officer David N. Farr to Retire; Lal Can Emerson's (EMR) New CEO Drag an Old Giant Into the 21st 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. He is fluent in Portuguese, French and English. And third, as we learned multiple times now, is agility. 6 questions with Emerson CEO Lal Karsanbhai - St. Louis Number three, above all, its incredibly important to stay true to the vision and the strategy and for the organization as a whole to live our purpose. But its important to pull the trigger. I dont think thats changed. 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. Honeywell is headquartered in Charlotte, North Carolina, and was founded in 1906. WebLal Karsanbhai. Eight months after Emerson's approach, NI agreed to a January 4, 2023 meeting with representatives from Emerson, which was followed by one additional conference call. He will remain chairman of the board until May 4. Mr. Farr is one of the longest-serving CEOs in the S&P 500. Further to my recent discussions with you, I am excited to present you with this proposal (the "Proposal") for the acquisition of all outstanding shares of National Instruments Corporation ("NI") by Emerson Electric Co. ("Emerson"). The Board remains unanimously of the view that your proposal is not in the best interests of NI and its shareholders. Lal Karsanbhai is president and chief executive officer of Emerson.