Adds Elliott confirmation, statement. Aspen Technology (NASDAQ:AZPN) rose 4% in premarket trading as Elliott Investment Management confirmed it has a large stake in the industrial software company and is opposed to the terms of Emerson Electric's (EMR) $265 a share takeover.

Elliott Investment Management, which manages funds that together have an investment of more than $1.5B in Aspen Technology (AZPN), issued the

Activist investor Elliott Management said on Friday it has invested more than $1.5 billion in Aspen Technology, opposing the company's decision to accept Emerson Electric's tender offer. Aspen's shares rose 4% in premarket trading.

Elliott Investment Management has emerged as the largest minority investor in industrial-software company Aspen Technology Inc., with a position worth more than $1.5 billion, people with knowledge of the matter said.