Activist Elliott takes a stake in Aspen Technology and pushes back on an offer from Emerson

1. Elliott Investment Management takes $1.5B position in Aspen Technology (AZPN). 2. Elliott opposes Emerson's $265 tender offer, citing undervaluation of Aspen. 3. Current share price indicates artificial ceiling due to acquisition bid. 4. Strong operational synergies suggested, fair value estimated above $350. 5. Elliott's activist role may influence outcome of tender offer vote.