UPDATE 3-Pumps and valves maker Crane makes $894-mln hostile bid for rival Circor [Reuters]
CIRCOR International, Inc. (CIR)
Last circor international, inc. earnings: 3/2 06:55 am
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Source: Reuters
Pumps and valves maker Crane makes $894-million hostile bid for rival Circor (Reuters) - U.S. industrial manufacturer Crane Co on Tuesday made a hostile takeover bid for smaller rival Circor International Inc for about $894 million, after an earlier offer was rejected by Circor’s board. Crane’s cash offer of $45 per share represents a premium of about 47% to Circor’s closing price on Monday. Circor’s shares jumped 48.4% to $45.44 in early trading. Crane had sent a letter on April 30 to Circor’s board, offering to buy the company, but it was rejected no offer of further discussions. “While we had hoped to complete a transaction privately, Circor’s rejection of our proposal...led to our decision to make our proposal known to Circor shareholders,” Crane Chief Executive Officer Max Mitchell said in a statement. Crane, which makes pumps and valves for industries, said its offer for Circor represents an enterprise value of about $1.7 billion, 13.5 times Circor’s last 12-month adjusted EBITD
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