Crane Co has raised its tender offer for Circor International Inc to US$48 per share in cash from US$45.

The increased purchase price represents a 57% premium over the undisturbed market close on 20 May 2019, and 46% and 61% premiums over the three- and six-month volume weighted average share prices, respectively.

Crane has also extended the offer and withdrawal rights until midnight, New York City time, on 19 July 2019.