CIRCOR Accepts KKR's Revised Acquisition Proposal Of $51/shr; CIR Up In Pre-Market

(RTTNews) - CIRCOR International, Inc. (CIR), an engineering products maker, announced on Tuesday that it has accepted a sweetened proposal from the affiliates of funds managed by KKR Inc.

The latest offer is for $51 per share, while the earlier offer was for $49 per share.

Following the news, CIR is trading up by 6.09 percent at $50.84 per share in the pre-market trading on the New York Stock Exchange.

The all-cash transaction, expected to be closed in the fourth quarter, is valued at $1.7 billion, including the assumption of debt.

The revision follows a third-party proposal to acquire CIRCOR for $52.65 per share in cash. Despite a difference in price, the company concluded that the KKR offer was superior as it offered more financing certainty with a clear path to obtain antitrust approvals.