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CIRCOR to review new unsolicited takeover offer from Crane

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CIRCOR has recently confirmed that Crane has put forward a revised tender offer to acquire all outstanding shares of CIRCOR common stock for $48 (€42.7) per share in cash.

Crane’s initial unsolicited offer of $45 per share in cash, made in May, was rejected by CIRCOR.

CIRCOR’s board of directors will now review and evaluate the revised offer from Crane, in consultation with independent legal and financial advisors, to determine the best course of action for CIRCOR and its stakeholders.

A statement from CIRCOR read: “The CIRCOR board of directors intends to make its recommendation with respect to the revised tender offer by promptly making available to shareholders and filing with the Securities and Exchange Commission an amended Solicitation/Recommendation Statement on Schedule 14D-9.”

Evercore and J. P. Morgan Securities will act as financial advisors, with Ropes & Gray serving as legal advisor to CIRCOR.