Emerson Electric Co., a U.S. engineering and industrial software company, announced a nearly $7 billion offer for National Instruments Corp

The software company’s all-cash bid of $53 per share, first made to NI on Nov. 3, marks a 13% premium over NI’s Friday closing.

In early morning trade, NI shares reached a record high of $54.69, while Emerson sank 5%.

Emerson stated that it first approached NI in May of last year with a $48 per share offer and that it is ready to nominate directors to NI’s board before the Jan. 27 deadline.

“In the more than two months since, NI continued to resist engaging meaningfully with Emerson to work toward an agreement,” according to Emerson