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Circor rejects Crane's buyout deal valued at $1.7 billion

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Christian Fernsby ▼ | June 24, 2019
Circor International
Acquisition   The Board noted that the offer price is unchanged

Circor International announced that its Board of Directors unanimously rejected the unsolicited tender offer from Crane.

The Board unanimously recommends that shareholders not tender their shares into the offer.

The Board noted that the offer price is unchanged from the unsolicited proposal received from Crane on April 30, 2019, and publicized on May 21, 2019.

In reaching its recommendation that shareholders reject the offer, the Board, in consultation with its financial advisors, determined that the offer substantially undervalues the company and is low-value, highly conditional and opportunistic and not in the best interests of CIRCOR shareholders.

The basis for the Board’s recommendation with respect to the offer is set forth in CIRCOR’s Solicitation/Recommendation Statement on Schedule 14D-9 filed today with the Securities and Exchange Commission (“SEC”).

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