CIRCOR Board Unanimously Rejects Crane's Offer - Quick Facts

(RTTNews) - CIRCOR International, Inc. (CIR) announced Monday that its Board of Directors, after careful consideration with its independent financial and legal advisors, unanimously rejected the unsolicited, low-value, highly conditional and opportunistic tender offer from Crane Co. (CR).

The board determined that Crane's offer substantially undervalues CIRCOR and it is not in the best interests of CIRCOR shareholders and the company's future prospects.

The Board believes that execution of the company's strategic plan will deliver significantly greater value in the near-term and the long-term for the company's shareholders. The Board believes that the offer represents an opportunistic attempt by Crane to acquire CIRCOR at a low share price.

The Board noted that the offer price is unchanged from the unsolicited proposal received from Crane on April 30, 2019. It has urged shareholders not to tender shares into Crane's offer.

Evercore and J.P. Morgan Securities LLC are serving as financial advisors to CIRCOR. Ropes & Gray LLP is serving as legal advisor to CIRCOR.

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.