Crane Co has submitted a proposal to acquire Circor International Inc for US$45 per share.
The all-cash proposal represents a 47% premium over Circor's closing price on Monday 20 May 2019, and a 37% and 51% premium over the three- and six-month volume weighted average share prices, respectively.
Crane proposed the all-cash transaction to Circor on 30 April 2019. Crane says that on 13 May 2019, the Circor board of directors rejected the proposal with no offer of discussions or due diligence.
“While we had hoped to complete a transaction privately, the board’s rejection of our proposal without comment or discussion led to our decision to make our proposal known to Circor shareholders so they can express their views directly to the Circor board,” said Max Mitchell, president and CEO of Crane. “Combining Circor’s Fluid Handling, Aerospace and Defense assets with Crane’s portfolio of leading brands would create a stronger competitor with additional scale and growth potential,” added Mitchell.
The Circor pump brands include Allweiler, Houttuin, IMO, Tushaco, Warren and Zenith. Circor acquired Colfax Corp’s Fluid Handling business in 2017.
Crane’s Fluid Handling segment is a global provider of industrial fluid control products and systems, including valves, pumps, lined pipe and instrumentation.
