Circor's CIR board of directors have rejected Crane Co 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.
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