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"We are disappointed that the Rockwell board refused even to
discuss the potential combination of our two great companies,"
Emerson Chief Executive David Farr said in a statement.
Shares of Rockwell slipped 2 percent in pre-market trade.
Emerson shares were up 1 percent.
Emerson said it plans to speed up the rate of repurchases over
the next month and buy back up to $1 billion over the next 12
months.
Last week, Emerson sweetened its bid for Rockwell to $29
billion, which Rockwell rebuffed in its strongest rebuttal of
the proposed combination of two of the world's largest factory
equipment makers.
Rockwell has resisted Emerson's overtures not just because of
disagreements over price, but also because it has argued that
the combined company's industrial customers would be worse off
because its products would no longer be available on a single
platform and in one software environment.
In October, Rockwell rejected Emerson Electric's first offer for
more than $27 billion, arguing that it undervalued the company.
(Reporting by Sanjana Shivdas; Editing by Bernard Orr)
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