Crane Co. Offers To Acquire CIRCOR For $45/shr; CIRCOR Shares Jump 50%

(RTTNews) - Crane Co. (CR) has offered to acquire CIRCOR International, Inc. (CIR) for $45 per share in cash. Crane Co. believes the proposal provides a superior alternative to CIRCOR's standalone plan.

In April, Crane Co. made an all-cash proposal to acquire CIRCOR, which was later rejected by the CIRCOR Board.

"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, Crane Co. CEO.

Shares of CIRCOR International, Inc. were up more than 50% in pre-market trade on Tuesday.