On this morning's analyst call, GE CEO Jeffery Immelt said that he felt that acquiring Invensys did not fit GE's acquisition profile. That fits with the fact that GE kicked the tires very thoroughly several years ago, and decided not to proceed then. Emerson backed off of talks earlier this year. The rumors out of London are that Schneider wasn't ready to disclose their offer yet, and things are in much earlier stages than reported. So, what will Invensys do if there aren't any offers? Maybe they could just let the extremely competent people they have running the company and its operating units keep making money (which they are) and introducing some radically new technologies (which they will).
I believe that it is in the best interests of the end users and the asset-owner companies for Invensys to remain an independent company. But of course, nobody asked me.