Rockwell Automation has been the subject of numerous bids by fellow U.S. industrial powerhouse Emerson Electric, it emerged in late October. The latest and highest bid of $215 per share valued Rockwell at around $27.6 billion and at a Price to Earnings ratio of around 30x 2018 consensus full year earnings. Milwaukee-based Rockwell, which makes controls and automation software for factories, said Emerson made the $215 a share cash-and-stock offer on 10th October. The approach came after it rejected a $200 a share offer from Emerson in August. The move by Emerson is an attempt to reshape the U.S. industrial equipment industry as it faces rapid change from new technologies including advanced robotics, 3D printing, connected devices and new techniques for processing and analysing data. Rockwell describes itself as provider of smart automation, offering equipment, software and services for industries including car manufacturing, food, oil and gas. Emerson is also a leader in industrial automation, serving a similar range of markets.