Crane Not To Extend Offer To Acquire CIRCOR - Quick Facts

(RTTNews) - Crane Co. (CR) announced Monday it will cease its efforts to acquire CIRCOR International, Inc. (CIR) and will not extend its tender offer, amended on July 8, 2019, to acquire all outstanding shares of CIRCOR for $48 per share. The offer represents a 57% premium to the undisturbed market close on May 20, 2019.

The decision was taken due to failure of CIRCOR Board to engage in any discussions on behalf of CIRCOR shareholders. The tender offer scheduled to expire on July 19, 2019.

On May 21, Crane offered to acquire CIRCOR for $45 per share in cash after an all-cash proposal to acquire CIRCOR in April was later rejected by the CIRCOR Board. It began the tender offer on June 17 to acquire all of the outstanding shares of CIRCOR for $45 per share.

Later on July 8, Crane raised the price of its tender offer for CIRCOR to $48 per share in cash and also extended the offer and withdrawal rights to July 19, 2019. This offer was also unanimously rejected by the Board of CIRCOR.