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CIRCOR rejects revised tender offer from Crane

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CIRCOR’s board of directors has unanimously rejected the revised unsolicited tender offer from Crane, after ‘careful consideration and with the advice of its independent financial and legal advisors’.

In a statement released on 11 July, CIRCOR said it had rejected to offer on the grounds that it ‘substantially undervalues the company and is low-value, highly conditional and opportunistic’.

“After consulting with our financial and legal advisors, it is clear that Crane’s revised unsolicited tender offer substantially undervalues CIRCOR and our go-forward plan for the business,” said David F. Dietz, chairman of the board.

“The CIRCOR board and management team are focused on executing our strategy so we can deliver enhanced value to our shareholders and build a stronger, more resilient business with an improved growth and margin profile. We are confident that our plan will create greater value for our shareholders that is well in excess of Crane’s offer.”

The second unsolicited tender offer from Crane, which was received on 8 July, was to acquire all outstanding shares of CIRCOR common stock for $48 per share in cash.

This was revised upwards from Crane’s initial offer of $45 per share in cash, which was received in May 2019.