|
Filed by Emerson Electric Co.
|
Pursuant to Rule 425 under the Securities Act of 1933
|
And deemed filed pursuant to Rule 14a-12
|
Under the Securities Exchange Act of 1934
|
Subject Company: Aspen Technology, Inc.
|
Commission File No.: 001-34630
|
The
following is a script of a video recorded by Lal Karsanbhai, President and Chief Executive Officer of Emerson Electric Co. (“Emerson”),
and made available to employees of Emerson on October 11, 2021:
For over 130 years, Emerson has been a leader and a partner of choice
to the world’s most essential industries. We have maintained that leadership position through a talented global workforce, exceptional
technologies, world-class service – and a strategic drive to advance our business forward with intention.
Together, we have been entrusted to continue building on this legacy
as we reinforce the strong future of Emerson for our employees, communities, customers, shareholders and valuable partners. And we have
an incredible opportunity in front of us today.
I am excited to share that Emerson is accelerating our software strategy
and expanding our partnership with AspenTech to create an industrial software leader with enhanced scale, capabilities and technologies.
As part of this strategic expansion, our OSI digital grid solutions and E&P geological simulation software will be combined with the
new AspenTech.
We began our partnership with AspenTech – a fast-growing software
leader with a tech-first mentality – in 2018. As a result of today’s announcement, representing our expanded partnership,
Emerson will own a 55% majority of AspenTech. Through our combined efforts, we will have shared access to leading asset optimization technologies
– and a larger-than-ever market base for our industrial software capabilities. The combined company, which will retain the name
of AspenTech, will significantly evolve our software strategy and expand our offerings well beyond our current portfolio.
This transaction – the largest industrial software deal –
will give us a differentiated vehicle for future M&A and industrial software investment while keeping a flexible balance sheet for
capital deployment. Alongside our automation software platforms like Ovation and DeltaV, which will remain with Emerson, AspenTech will
continue innovating in the industrial software space.
The expanded AspenTech enables us to leverage phenomenal synergies and
transform our portfolio to accelerate meaningful value creation. With AspenTech, we will better serve our customers with a robust software
platform for industrial automation end markets. We will propel our efforts to diversify our portfolio and expand our offerings to a larger
installed base. We will be able to offer AspenTech products through our sales channels. And, we will be well-positioned to help our customers
more meaningfully reach their sustainability targets in both current and new energy transition markets like biofuels, hydrogen and carbon
capture. Quite simply, our companies will be stronger together.
We will maintain a governance presence through our ownership and right
to designate members to its board. There are several steps remaining to complete this transaction, including the effectiveness of certain
SEC filings and the approval of AspenTech shareholders. We expect the transaction to close in the second calendar quarter of 2022. In
the meantime, teams from Emerson and AspenTech will work together to determine specific integration and operational plans.
This news represents a win for our employees, for our shareholders –
and for the customers and industries we serve. Through our combined, complementary offerings and strength, we will be able to accelerate
our ability to help customers reach top performance across the board. I am eager to begin this journey – and I hope you are too.
Additional Information and Where to Find
It
In connection with the proposed transaction
between Emerson Electric Co. (“Emerson”) and Aspen Technology, Inc. (“AspenTech”), a subsidiary of Emerson, Emersub
CX, Inc. (“new AspenTech”), will prepare and file with the Securities and Exchange Commission (the “SEC”) a registration
statement on Form S-4 that will include a combined proxy statement/prospectus of new AspenTech and AspenTech (the “Combined Proxy
Statement/Prospectus”). AspenTech and new AspenTech will prepare and file the Combined Proxy Statement/Prospectus with the SEC,
and AspenTech will mail the Combined Proxy Statement/Prospectus to its stockholders and file other documents regarding the proposed transaction
with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other
documents AspenTech and/or new AspenTech may file with the SEC in connection with the proposed transaction. BEFORE MAKING ANY VOTING
OR INVESTMENT DECISION, INVESTORS, SECURITY HOLDERS OF EMERSON AND SECURITY HOLDERS OF ASPENTECH ARE URGED TO READ CAREFULLY AND IN THEIR
ENTIRETY THE COMBINED PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE AND THE OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED BY
ASPENTECH OR NEW ASPENTECH WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, IN CONNECTION WITH THE PROPOSED
TRANSACTION, BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS.
Investors and security holders will be able to obtain free copies of the Combined Proxy Statement/Prospectus and other documents filed
with the SEC by AspenTech and/or new AspenTech without charge through the website maintained by the SEC at www.sec.gov
or by contacting the investor relations department of Emerson or AspenTech:
Emerson
|
AspenTech
|
8000 West Florissant Avenue, P.O. Box 4100
|
20 Crosby Drive
|
St. Louis, MO 63136
|
Bedford, MA 01730
|
Media Relations:
EmersonPR@fleishman.com
www.emerson.com/en-us/investors
Investor Relations:
Colleen Mettler, Vice President,
Investor Relations
(314) 553-1705
Investor.relations@emerson.com
|
Media Relations:
Andrew Cole / Chris Kittredge / Frances Jeter
Sard Verbinnen & Co.
AspenTech-SVC@sardverb.com
http://ir.aspentech.com/
Investor Relations:
Brian Denyeau
ICR
Brian.Denyeau@icrinc.com
|
|
|
|
|
No Offer or Solicitation
This communication is for informational purposes
only and is not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe
for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction
pursuant to or in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities
in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in the Solicitation
Emerson, AspenTech, new AspenTech and certain
of their respective directors and executive officers and other members of their respective management and employees may be deemed to be
participants in the
solicitation of proxies in connection with
the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation
of proxies in connection with the proposed transaction, including a description of their direct or indirect interests in the transaction,
by security holdings or otherwise, will be set forth in the Combined Proxy Statement/Prospectus and other relevant materials when it is
filed with the SEC. Information regarding the directors and executive officers of Emerson is contained in Emerson’s proxy statement
for its 2021 annual meeting of stockholders, filed with the SEC on December 11, 2020, its Annual Report on Form 10-K for the year ended
September 30, 2020, which was filed with the SEC on November 16, 2020 and certain of its Current Reports filed on Form 8-K. Information
regarding the directors and executive officers of AspenTech is contained in AspenTech’s proxy statement for its 2021 annual meeting
of stockholders, filed with the SEC on December 9, 2020, its Annual Report on Form 10-K for the year ended June 30, 2021, which was filed
with the SEC on August 18, 2021 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from
the sources indicated above.
Caution Concerning Forward-Looking Statements
This communication contains “forward-looking”
statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. 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 complete the proposed transaction considering the various closing conditions; 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 new AspenTech following completion of the proposed transaction; legal,
economic and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future
circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,”
“will,” “should,” “potential,” “intend,” “expect,” “endeavor,”
“seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,”
“plan,” “could,” “would,” “project,” “predict,” “continue,” “target”
or other similar words or expressions or negatives of these words, but not all forward-looking statements include such identifying words.
Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions.
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. We can give no assurance that such plans, estimates
or expectations will be achieved and therefore, actual results may differ materially from any plans, estimates or expectations in such
forward-looking statements.
Important factors that could cause actual results to differ materially
from such plans, estimates or expectations include, among others: (1) that one or more closing conditions to the 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 the required approval by the stockholders of AspenTech may not be obtained; (2) the risk
that the proposed transaction may not be completed in the time frame expected by Emerson, AspenTech or new AspenTech, or at all; (3) unexpected
costs, charges or expenses resulting from the proposed transaction; (4) uncertainty of the expected financial performance of new
AspenTech following completion of the proposed transaction; (5) failure to realize the anticipated benefits of the proposed transaction,
including as a result of delay in completing the proposed transaction or integrating the industrial software business of Emerson with
the business of AspenTech; (6) the ability of new AspenTech to implement its business strategy; (7) difficulties and delays
in achieving revenue and cost synergies of new AspenTech; (8) inability to retain and hire key personnel; (9) the occurrence
of any event that could give rise to termination of the proposed transaction; (10) 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;
(11) evolving legal, regulatory and tax regimes; (12) 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; (13) the ability of Emerson, AspenTech and new AspenTech to successfully recover
from a disasters 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 long-term disruptions such as the COVID-19 pandemic; (14) 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;
(15) actions by third parties, including government agencies; (16) potential adverse reactions or changes to business relationships resulting
from the announcement or completion of the transaction; (17) the risk that disruptions from the proposed transaction will harm Emerson’s
and AspenTech’s business, including current plans and operations; (18) certain restrictions during the pendency of the acquisition
that may impact Emerson’s or AspenTech’s ability to pursue certain business opportunities or strategic transactions; (19)
Emerson’s, AspenTech’s and new AspenTech’s ability to meet expectations regarding the accounting and tax treatments
of the proposed transaction; and (20) other risk factors as detailed from time to time in Emerson’s and AspenTech’s reports
filed with the SEC, including Emerson’s and AspenTech’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. These risks, as well as other risks associated with
the proposed transaction, will be more fully discussed in the Combined Proxy Statement/Prospectus. While the list of factors presented
here is, and the list of factors to be presented in the Combined Proxy Statement/Prospectus will be, considered representative, no such
list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant
additional obstacles to the realization of forward-looking statements.
Any forward-looking statements speak only as of the date of this communication. Neither Emerson, AspenTech nor new AspenTech undertakes
any 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. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Aspen Technology (NASDAQ:AZPN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Aspen Technology (NASDAQ:AZPN)
Historical Stock Chart
From Aug 2023 to Aug 2024