Circor's stock tumbles after Crane threatens to end buyout bid [MarketWatch]
CIRCOR International, Inc. (CIR)
Last circor international, inc. earnings: 3/2 06:55 am
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investors.circor.com/phoenix.zhtml?c=109457&p=irol-presentations_pf
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Source: MarketWatch
Circor's stock tumbles after Crane threatens to end buyout bid Shares of Circor International Inc. CIR, +1.63% tumbled 14% in premarket trading Monday, after Crane Co. CR, +1.98% said it will end efforts to buy the engineered products maker unless Circor makes "substantive engagement" this week. Crane said it will not extend its tender offer for Circor shares, which is scheduled to expire at midnight Eastern on July 19. Crane had raised its buyout bid for Circor last week to $48 a share from $45 a share, and Circor rejected it , saying it "substantially undervalues" the company. Circor's stock has rallied 17.3% over the past three months through Friday, while Crane shares have slipped 4.8% and the Dow Jones Industrial Average DJIA, +0.90% has gained 3.6%.
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