National Instruments ticks lower on report Honeywell no longer interested (update)
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Update 12:40pm: Updates shares, adds further details on the bidders, timing.
National Instruments (NASDAQ:NATI) ticked down 1% on reports that Honeywell (NASDAQ:HON) may no longer be interested in bidding for the company that received an unsolicited bid from Emerson Electric (NYSE:EMR) last month.
Initial bids for National Instruments (NATI) were due by the end of Tuesday, according to a Dealreporter item from Tuesday after the close, which cited people familiar. Emerson (EMR) and Fortive (NYSE:FTV) both formally notified NATI of their non-binding offers ahead of the deadline. Honeywell (HON) is no longer pursuing a NATI bid, according to the report.
Emerson (EMR) last month disclosed a bid to acquire National Instruments (NATI) for $53 a share. Emerson submitted a proposal on Nov. 3 to improve an opening bid of $48-per-share on May 25.
CNBC's David Faber also reported that Honeywell (HON) was out of the bidding on Wednesday and said that second round bids were due in the next four to six weeks.
National Instruments (NATI) last month said its board had begun to weigh strategic alternatives and that potential acquirers had approached it.
Fortive (FTV), Keysight (KEYS) and Honeywell (HON) were said to be interested in National Instruments (NATI), according to a Dealreporter item last month.
Keysight (KEYS) has dropped out of the bidding due to potential antitrust issues, according to the latest Dealreporter item, and Rockwell (ROK) and Eaton (ETN) are also out of the bidding. 
Also see Normad Capital's piece from earlier this month entitled "National Instruments: Attractive Upside If Management Can Pull It."