CIRCOR Board Rejects Revised Tender Offer From Crane Co. - Quick Facts

(RTTNews) - CIRCOR International, Inc. (CIR) said its Board has unanimously rejected the revised unsolicited tender offer from Crane Co. (CR). The Board concluded that the tender offer substantially undervalues the company.

On July 8, Crane Co. raised the price of its tender offer for CIRCOR to $48 per share. However, the CIRCOR Board decided to recommend CIRCOR shareholders to not tender their shares into Crane's revised offer.

David Dietz, Chairman of the Board, said: "The CIRCOR Board and management team are focused on executing our strategy. We are confident that our plan will create greater value for our shareholders that is well in excess of Crane's offer."