More on Rockwell/PTC — there actually may be nothing to see here

Nov 23, 2021 | Hot Topics

This morning, I saw the notification of PTC’s filing of an S-3, an intention to facilitate the sale of shares owned by a third party — in this case, Rockwell. The blog I wrote (here) mused on the likely reasons for such a sale and the impact it could have on PTC, Rockwell, and their customers. TBH, this news seemed to affect investors and the financial community more than the products, customers, or channels.

I’ve since learned that there was a filing very much like this one in November 2018, just after the original investment was made, basically putting a stake in the ground to make it possible for Rockwell to sell some or all of these shares. So yesterday’s filing may just be renewing something that needs to be renewed every few years and not the newsworthy thing I thought it was.

I have to say that this is weird — why spend $1 billion on something only to leave open a door to sell it just afterward — but I am told that this may be more usual outside our PLMIsh world.

Bottom line: move along. Nothing to see here. Rockwell is no more likely to sell its shares in PTC than it was a year ago or two years ago. Or maybe it does want to sell — we simply don’t know.

Rockwell and I are talking next week. I imagine this topic will come up since I don’t believe in coincidences — I’ll post again after that call.