KKR agreed to offer a full equity backstop for the completion of the merger. 

KKR has also agreed to pay a $125 million reverse termination fee and to raise the existing reverse termination fee connected to closing obligations from $67 million to $100 million.

The termination fee payable by CIRCOR to KKR in certain circumstances has been increased from $28 million to $42.75 million.

The offer was amended after CIRCOR received an unsolicited bid from a third party to buy all of the issued and outstanding shares of CIRCOR common stock for $52.65 per share in cash.

"After carefully considering the unsolicited proposal, the Board, in consultation with its outside legal counsel and financial advisors, unanimously concluded that committing to the amended merger agreement with KKR was in the best interest of stockholders," said CIRCOR Board Chair Helmuth Ludwig. 

The transaction is expected to close in the fourth quarter of 2023.

Price Action: CIR shares traded higher by 8.20% at $51.85 on the last check Tuesday.