Market Overview

Circor's Board Rejects Crane's $45/Share Acquisition Offer

Share:

Circor's (NYSE: CIR) board of directors have rejected Crane Co (NYSE: CR) proposal to acquire the firm for $45 per share, saying the offer is “highly opportunistic” and “substantially undervalued” Circor.

Circor's also reaffirmed its second-quarter guidance. Circor expects its plan to deliver significant value to its shareholders over the next 18 months to be “far in excess of the offer.”

“Crane’s offer and unanimously determined that the offer was highly opportunistic and substantially undervalued Circor and our future prospects."

Circor shares closed Friday at $45.84.

Related Links:

Circor Rallies After Crane Makes $45-Per-Share Cash Offer For Company

Eldorado To Buy Caesars For $8.58B; VICI Gets 3 Properties From Eldorado

Posted-In: M&A News Guidance

 

Related Articles (CIR + CR)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial

Jana Partners May Be Building A Stake In Axalta Coating Systems

Nanometrics, Rudolph Technologies To Merge