On January 23, 2023, Emerson Electric Co. announced that it would pursue a buyout of National Instruments Corp. without nominating a slate of directors for election at the Company's upcoming annual meeting, while keeping its bid the same.

On January 17, 2023, Emerson Electric revealed that it had submitted a proposal to the Company's board in November to acquire the Company for $53 a share in cash, a deal that gave the Company an enterprise value of $7.6 billion. Emerson Electric stated that it was making the deal public after what it characterized as ‘limited engagement' and ‘months of delay' by the Company, which had announced January 13, 2023, that was exploring strategic options following acquisition interest from other companies. Emerson Electric also revealed last week that had acquired 2.3 million shares of the Company in the open market, had received approval from regulators to increase its stake in the Company and was ready to nominate a slate of directors for the Company's board seats.