Bloomberg News this morning is reporting that Emerson, the Ferguson-based maker of power equipment for oil companies, has ended takeover talks with Chloride Group PLC after the U.K.-based company rejected a $1.36 billion offer.

Emerson said it offered 270 pence a share, which Chloride turned down, after it rejected an initial bid of 255 pence on May 12. “Emerson confirms that it is no longer considering making an offer for Chloride,” the company said in a statement. Chloride makes uninteruptible power supply systems.

The offer “undervalued the company and its prospects,” Chloride said in a separate statement, adding that it “remains focused on delivering value for shareholders.”