(Reuters) - Emerson Electric made a proposal on Tuesday to acquire the remaining outstanding shares of common stock of AspenTech for $240 per share in cash.

Emerson has 55% majority share in AspenTech, which it acquired in 2022.

Shares of the company rose about 4% in premarket trade.

St. Louis, Missouri-based Emerson, founded a century ago selling fans and electric motors, has made a string of acquisitions and divestments over the past few years to reposition itself as a technology-focused company.

The company also said it commenced a process to explore strategic alternatives, including a cash sale, for its Safety & Productivity unit, which comprises the remaining businesses not related to its automation portfolio.

(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)