Circor International Inc. said Monday it has rejected the unsolicited buyout bid from Crane Co. given that it 'substantially undervalues' the flow...
Circor International Inc. CIR, -0.33% said Monday it has rejected the unsolicited buyout bid from Crane Co. CR, -2.13% given that it "substantially undervalues" the flow control technology company, and strongly urges shareholders not to tender shares into Crane's offer. In May, Crane said it would pay $45 for each Circor share outstanding, which at the time represented a 47% premium. The deal was being valued at $1.7 billion.
Then on June 17, Crane said it commenced a tender offer for Circor shares. Circor said its plan to accelerate earnings growth, reduce debt and add "significant near-term value" for shareholders would be "far in excess" to Crane's buyout bid. Circor's stock, which was still inactive in premarket trading, has gained 15% over the past 12 months, while Crane shares have slipped 0.3% and the S&P 500 SPX, -0.13% has advanced 7.1%.
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