Shares of Rockwell Automation jumped 8 percent in the premarket Thursday after Emerson Electric increased its takeover bid of the company.

Emerson raised its bid to $225 per share, valuing Rockwell at $29 billion. Rockwell rejected Emerson’s $215 a share bid last month.

“The industrial logic for this combination is clear. A combination of Emerson and Rockwell would create a leader in the $200 billion global automation market,” Emerson CEO David Farr said in a letter to Rockwell CEO Blake Moret. “The combination of Emerson and Rockwell would accelerate our combined growth and position us for success for many years to come.”

Emerson has made multiple offers to acquire the automation company. Shares of Rockwell — which provides industrial automation power, control and information solutions to manufacturers — closed at $188.73 on Wednesday and have risen more than 40 percent in 2017.

Rockwell Automation did not immediately respond to CNBC’s request for comment.

Source: Investment Cnbc
Rockwell Automation shares surge after Emerson hikes takeover bid