Emerson (NYSE: EMR), St. Louis, MO, has withdrawn its proposal to acquire Rockwell Automation (NYSE: ROK) for $29 billion, due to what Emerson called the Rockwell board of directors’ unwillingness to engage in discussions about a potential combination.

“The Rockwell board again rejected our offer, which would have delivered approximately $30 billion of value to Rockwell shareholders,” said Emerson CEO David Farr. “We are disappointed that the Rockwell board refused even to discuss the potential combination of our two great companies. Instead of engaging in constructive dialogue, the Rockwell board decided to let this unique and value-generative opportunity go unexplored.”

Emerson has posted slides detailing the strategic and financial rationale of the transaction to the investor relations page of its website, available here.