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.

Emerson Electric's $265 per share tender offer for Aspen Technology is labeled as its best and final price despite criticism from Elliott

With a more than $1.5 billion Emerson holding, Elliott has claimed that the $265-per-share offer undervalues Aspen Tech and is advocating a larger proposal. Mark Schappel, a Loop Capital analyst, said Elliott is probably going to persuade enough minority investors Aspen Tech is worth far more than Emerson's current offer.

Emerson Electric said on Monday that its $265 per-share offer to acquire Aspen Technology was its "best and final" price. The announcement comes days after activist investor Elliott Management said it invested over $1.